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Citigroup plans to price six-month 12%-14% ELKS linked to U.S. Steel
By Toni Weeks
San Diego, Feb. 28 - Citigroup Funding Inc. plans to price 12% to 14% annualized Equity LinKed Securities due Sept. 21, 2011 based on the performance of United States Steel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact rate will be set at pricing.
The payout at maturity will be par of $10 unless U.S. Steel shares fall to or below 75% of the initial price during the life of the notes, in which case the payout will be a number of shares of U.S. Steel stock equal to $10 divided by the initial price or, at each investor's option, a cash amount equal to the value of those shares.
The notes (Cusip: 17316G271) are expected to price March 25 and settle March 30.
Citigroup Global Markets Inc. is the underwriter.
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