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Fortis plans 18.05% reverse convertibles linked to Lehman Brothers
By Susanna Moon
Chicago, Oct. 29 - Fortis Bank, Cayman Islands Branch plans to price 18.05% knock-in reverse convertible securities due Feb. 7, 2008 linked to the common stock of Lehman Brothers Holdings, Inc., according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by 25% 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 Lehman Brothers shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Nov. 2 and settle on Nov. 7.
Fortis Bank will be the agent.
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