By Toni Weeks
San Diego, Aug. 23 - Citigroup Funding Inc. priced $13.25 million of 8.75% annualized synthetic buy-write notes due Feb. 24, 2012 linked to the common stock of Mosaic Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The face amount of each note is $66.58, which is equal to the initial price of Mosaic stock.
If the final share price is greater than $80.22, the cap equity price, the payout at maturity for each note will be a cash payment equal to the cap equity price.
If the final share price is less than or equal to the cap equity price but greater than the initial price, the payout will be the final share price.
Investors will be exposed to any decline in the share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Synthetic buy-write notes
|
| Underlying stock: | Mosaic Co. (Symbol: MOS)
|
| Amount: | $13,250,019
|
| Maturity: | Feb. 24, 2012
|
| Coupon: | 8.75%, payable quarterly
|
| Price: | Par of $66.58
|
| Payout at maturity: | Cash amount equal to lesser of final price of Mosaic stock and cap price; exposure to losses
|
| Initial share price | $66.58
|
| Cap price: | $80.22, 120.49% of initial share price
|
| Pricing date: | Aug. 19
|
| Settlement date: | Aug. 24
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17317U667
|
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