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Fortis plans 37.5% knock-in reverse convertibles linked to Freddie Mac via LaSalle
By Laura Lutz
Des Moines, Nov. 20 - Fortis Bank, Cayman Islands Branch plans to price an issue of 37.5% knock-in reverse convertible securities due Feb. 29, 2008 linked to Freddie Mac common stock via agent LaSalle Financial Services, Inc., according to a term sheet.
Interest will be payable monthly.
If Freddie Mac 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, the payout at maturity will be a number of Freddie Mac shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on Nov. 27 and settle on Nov. 30.
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