Citigroup updates payout for buffered digital notes tied to S&P 500

By Marisa Wong

Madison, Wis., Jan. 9 - Citigroup Funding Inc. amended the payout at maturity of its upcoming offering of 0% buffered digital notes due January 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If final index level is at or above the initial level, the payout at maturity will be par plus a digital return of 16% to 19% that will be set at pricing. The issuer previously said that the digital return would be payable only if the index gains.

The remaining terms of the offer are unchanged.

Investors will receive par if the index falls by up to 20% and will lose 1% for every 1% decline beyond 20%.

The notes (Cusip: 1730T0VQ9) are expected to price on Jan. 27.

Citigroup Global Markets Inc. is the agent.

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