By E. Janene Geiss
Philadelphia, May 22 - Citigroup Funding Inc. priced $24.57 million of 8.5% annualized Equity LinKed Securities (ELKS) due May 27, 2009 linked to Alcoa Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
Payout at maturity will be par of $10 unless Alcoa stock closes at or below the trigger price - 67.5% of the initial share price - during the life of the ELKS, in which case the payout will be a number of Alcoa shares equal to par divided by the initial share price or, at the holder's option, the cash value.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying stock: | Alcoa Inc. (NYSE: AA)
|
| Amount: | $24.57 million
|
| Maturity: | May 27, 2009
|
| Interest rate: | 8.5%, payable semiannually
|
| Price: | Par of $10
|
| Payout at maturity: | If the stock dips below its trigger price during the life of the ELKS, 0.23981 Alcoa shares or the cash value; otherwise, par
|
| Initial share price: | $41.70
|
| Trigger price: | $28.15, 67.5% of initial price
|
| Exchange ratio: | 0.23981
|
| Pricing date: | May 21
|
| Settlement date: | May 27
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
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