Fortis plans 8.1% reverse convertibles linked to Deere

By Angela McDaniels

Seattle, Oct. 2 - Fortis Bank, Cayman Islands Branch plans to price 8.1% knock-in reverse convertible securities due April 30, 2008 linked to the common stock of Deere & Co., according to a term sheet.

Interest will be payable monthly.

The payout at maturity will be par unless Deere stock falls by 20% or more during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Deere shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Oct. 26 and settle on Oct. 31.

Fortis Bank will be the agent.

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