By Angela McDaniels
Tacoma, Wash., June 28 - Citigroup Funding Inc. priced $27.4 million of Equity LinKed Securities due Dec. 21, 2011 linked to the common stock of Goodyear Tire & Rubber Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 13.5% per year, payable monthly.
The payout at maturity will be par of $10 unless Goodyear shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Goodyear stock equal to par divided by the initial share price or, at each holder's option, a cash amount equal to the value of those shares.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Goodyear Tire & Rubber Co. (NYSE: GT)
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Amount: | $27.4 million
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Maturity: | Dec. 21, 2011
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goodyear shares fall below protection price during life of notes and finish below initial price, in which case 0.62972 Goodyear shares or cash value thereof
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Initial share price: | $15.88
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Protection price: | $12.70, 80% of initial share price
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Pricing date: | June 24
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Settlement date: | June 29
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17317U873
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