Citigroup Funding in SEQUINS Offering Based on eBay Common Stock
October 27, 2005
Cleary Gottlieb represented Citigroup Global Markets Inc., as underwriter, in Citigroup Funding’s $40 million offering of 4 million 9% Select Equity Indexed Notes (SEQUINSSM) due November 9, 2006. The offering is linked to the common stock of eBay Inc., a company headquartered in San Jose, California, that has two major businesses: eBay Marketplace, an online trading platform that enables buyers and sellers to interact and trade with one another, and PayPal, which enables any individual or business with an e-mail address to send and receive payments online. Cleary also acted as special tax counsel to the issuer in the transaction.