By Jennifer Chiou
New York, July 26 - Citigroup Funding Inc. priced a $20.98 million issue of 13.5% annualized Equity LinKed Securities (ELKS) due Feb. 5, 2008 linked to the common stock of Countrywide Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
For the term of the securities, the coupon is 7.05%.
The payout at maturity will be par of $10.00 unless Countrywide stock falls by 20% or more during the life of the notes, in which case the payout will be a number of Countrywide shares equal to $10.00 divided by the initial share price or, at the holder's option, the equivalent cash value.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities (ELKS)
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Underlying stock: | Countrywide Financial Corp.
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Amount: | $20.98 million
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Maturity: | Feb. 5, 2008
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Coupon: | 13.5% annualized
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Price: | Par of $10.00
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Payout at maturity: | If Countrywide stock falls below the trigger price during the life of the notes, 0.32787 of a share of Countrywide or the equivalent cash value; otherwise, par
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Initial share price: | $30.50
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Trigger price: | $24.40, 80% of the initial share price
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Pricing date: | July 24
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Settlement date: | July 27
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.25%
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