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Citigroup plans to price 9%-11% ELKS linked to Yahoo! stock
By Marisa Wong
Milwaukee, May 12 - Citigroup Funding Inc. plans to price 9% to 11% annualized Equity LinKed Securities due Nov. 24, 2010 linked to the common stock of Yahoo! Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If the price of Yahoo! stock declines by 20% or more during the life of the notes, the payout at maturity will be a number of Yahoo! shares equal to par of $10 divided by the initial share price or, at each holder's option, the value of those shares in cash. Otherwise, the payout will be par.
The notes are expected to price May 24 and settle three business days later.
Citigroup Global Markets Inc. is the underwriter.
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