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Citigroup plans to price 9%-12% ELKS linked to Yahoo! stock
By Angela McDaniels
Tacoma, Wash., Aug. 26 - Citigroup Funding Inc. plans to price 13-month Equity LinKed Securities linked to the common stock of Yahoo! Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes will carry an annualized coupon of 9% to 12%, with the exact rate to be set at pricing. Interest will be paid semiannually.
If Yahoo! stock declines by 35% 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 ELKS will price in September.
Citigroup Global Markets Inc. is the underwriter.
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