HSBC to price 13% reverse convertibles linked to First BanCorp

By E. Janene Geiss

Philadelphia, Feb. 27 - HSBC Bank USA NA plans to price six-month 13% reverse convertible notes linked to the common stock of First BanCorp, according to an FWP filing with the Securities and Exchange Commission.

The notes will mature three business days after its final valuation date, slated for Aug. 28, 2007.

Interest will be payable monthly.

At maturity, investors will receive par unless First BanCorp stock falls below the barrier price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of First BanCorp shares equal to $1,000 divided by the initial share price.

The notes were expected to price Feb. 28 and are expected to settle March 5.

HSBC Securities (USA) Inc. will be the agent.

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