Fortis to price 26.5% knock-in reverse convertibles linked to Circuit City via LaSalle

By Laura Lutz

Des Moines, Oct. 22 - Fortis Bank, Cayman Islands Branch plans to price an issue of 26.5% knock-in reverse convertible notes due Jan. 30, 2008 linked to Circuit City Stores, Inc. common stock via agent LaSalle Financial Services, Inc., according to a term sheet.

Interest will be payable monthly.

In addition to the coupon, at maturity investors will receive par unless Circuit City stock falls below the knock-in 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 Circuit City shares equal to $1,000 divided by the initial share price.

The notes will price on Oct. 26 and settle on Oct. 31.

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