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Fortis Bank plans 17% knock-in reverse convertibles linked to Palm
By Jennifer Chiou
New York, May 22 - Fortis Bank, Cayman Islands Branch plans to price 17% knock-in reverse convertible securities due Sept. 7, 2007 linked to Palm Inc. stock, according to a term sheet.
The payout at maturity will be par in cash unless Palm 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 Palm 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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