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Fortis plans 16% reverse convertibles linked to Ford
By Angela McDaniels
Seattle, Oct. 2 - Fortis Bank, Cayman Islands Branch plans to price 16% knock-in reverse convertible securities due April 30, 2008 linked to the common stock of Ford Motor Co., according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Ford 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 Ford 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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