Fortis Bank plans 11.5% knock-in reverse convertibles linked to Frontier Oil

By Jennifer Chiou

New York, May 22 - Fortis Bank, Cayman Islands Branch plans to price 11.5% knock-in reverse convertible securities due Sept. 7, 2007 linked to Frontier Oil Corp. stock, according to a term sheet.

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

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

The notes will price on June 1 and settle on June 6.

LaSalle Financial Services, Inc. is the agent.

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