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Fortis plans 11.25% reverse convertibles linked to Norfolk Southern
By Susanna Moon
Chicago, Nov. 5 - Fortis Bank, Cayman Islands Branch plans to price 11.25% knock-in reverse convertible securities due May 21, 2008 linked to the common stock of Norfolk Southern, Corp., according to a term sheet.
Interest is payable monthly.
The payout at maturity will be par unless Norfolk Southern 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 Norfolk Southern shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 16 and settle on Nov. 21.
Fortis Bank will be the agent.
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