Fortis to price 12% knock-in reverse convertibles linked to U.S. Steel via LaSalle

By Laura Lutz

Des Moines, June 5 - Fortis Bank, Cayman Islands Branch plans to price 12% knock-in reverse convertible securities due Dec. 27, 2007 linked to United States Steel Corp. common stock, according to a term sheet.

Interest will be payable monthly.

In addition to the coupon, at maturity investors will receive par unless U.S. Steel stock falls below the knock-in price - 80% 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 U.S. Steel shares equal to $1,000 divided by the initial share price.

The notes will price on June 22 and settle on June 27.

LaSalle Financial Services, Inc. is the agent.

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