Published on 11/27/2006 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: Citigroup prices $104.3 million 9.5% ELKS linked to Archer-Daniels-Midland
By Angela McDaniels
Seattle, Nov. 27 - Citigroup Funding Inc. priced a $104.3 million issue of 9.5% notes due Dec. 6, 2007 in the Equity LinKed Securities (ELKS) structure linked to the common stock of Archer-Daniels-Midland Co., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 in cash unless Archer-Daniels-Midland stock hits the trigger price of $27.256 during the life of the notes, in which case the payout will be a number of Archer-Daniels-Midland shares equal to par of $10.00 divided by the initial share price.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity-LinKed Securities (ELKS)
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| Underlying stock: | Archer-Daniels-Midland Co.
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| Amount: | $104.3 million
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| Maturity: | Dec. 6, 2007
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| Interest: | 9.5%
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| Price: | Par of $10.00
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| Payout at maturity: | If Archer-Daniels-Midland stock falls by 20% or more during the life of the notes, 0.29351 shares of Archer-Daniels-Midland stock; otherwise, par in cash
|
| Initial share price: | $34.07
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| Trigger price: | $27.256, 80% of initial price
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | Citigroup Global Markets Inc.
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| Agent fees: | 2.25%
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| Listing: | "EAM" on the American Stock Exchange
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