Citigroup plans issue of ELKS linked to Toll Brothers

By Angela McDaniels

Seattle, Oct. 10 - Citigroup Funding Inc. plans to price an issue of notes in the Equity LinKed Securities (ELKS) structure linked to the common stock of Toll Brothers, Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes are expected to pay between 7.5% and 8% for an annualized rate of between 15% and 16%. The exact coupon will be determined at pricing.

The payout at maturity will be par of $10.00 in cash unless Toll Brothers stock trades below the trigger price - expected to be 77.5% of the initial share price - during the life of the notes, in which case the payout will be a number of Toll Brothers shares equal to par of $10.00 divided by the initial share price.

Citigroup Global Markets Inc. will be the agent for the offering.

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