HSBC USA to price 14.75% reverse convertibles linked to First BanCorp.

By Angela McDaniels

Seattle, March 7 - HSBC USA Inc. plans to price an offering of reverse convertible notes due Sept. 12, 2007 linked to the common stock of First BanCorp., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 7.375% for an annualized rate of 14.75%. Interest will be payable monthly.

The payout at maturity will be par unless First BanCorp. shares decline by more than 20% during the life of the notes and finish 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 on March 7 and settle on March 12. HSBC Securities (USA) Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.