By Marisa Wong
Milwaukee, March 26 - Citigroup Funding Inc. priced $3.23 million of 8% annualized Equity LinKed Securities due Sept. 22, 2010 linked to the common stock of American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid at maturity.
If the price of American Express stock declines by 20% or more during the life of the notes, the payout at maturity will be a number of American Express 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.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | American Express Co. (NYSE: AXP)
|
| Amount: | $3.23 million
|
| Maturity: | Sept. 22, 2010
|
| Coupon: | 8% per year (3.84% for the term of the ELKS), payable at maturity
|
| Price: | Par of $10
|
| Payout at maturity: | If American Express stock falls to or below downside threshold price during life of notes, 0.24384 of an American Express share or equivalent value in cash; otherwise, par
|
| Initial share price: | $41.01
|
| Downside threshold price: | $32.808, 80% of initial price
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17314V478
|
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