Fortis Bank plans 13.25% knock-in reverse convertibles linked to Freeport-McMoRan

By Jennifer Chiou

New York, May 11 - Fortis Bank, Cayman Islands Branch plans to price 13.25% knock-in reverse convertible securities due Aug. 29, 2007 linked to Freeport-McMoRan Copper & Gold, Inc. stock, according to a term sheet.

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

The knock-in price will be 80% of the initial share price.

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

Fortis Bank is 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.