Fortis plans 12.45% reverse convertibles linked to Google

By Susanna Moon

Chicago, Dec. 4 - Fortis Bank, Cayman Islands Branch plans to price 12.45% knock-in reverse convertible securities due June 26, 2008 linked to the common stock of Google Inc., according to a term sheet.

Interest is payable monthly.

The payout at maturity will be par unless Google stock falls below the knock-in price - 75% 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 Google shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Dec. 21 and settle on Dec. 27.

Fortis Bank will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.