Fortis Bank plans 18.5% knock-in reverse convertibles linked to Allegheny Technologies

By Jennifer Chiou

New York, May 11 - Fortis Bank, Cayman Islands Branch plans to price 18.5% knock-in reverse convertible securities due Aug. 29, 2007 linked to Allegheny Technologies, Inc. stock, according to a term sheet.

The payout at maturity will be par in cash unless Allegheny Technologies stock trades at or below the knock-in price and closes below the initial price, in which case investors will receive a number of Allegheny Technologies shares equal to $1,000 divided by the initial share price.

The knock-in price will be 85% of the initial share price.

The pricing date will be May 24 with settlement on May 31.

Fortis Bank is the agent.

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