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Fortis Bank plans 14.25% knock-in reverse convertibles linked to SanDisk
By Jennifer Chiou
New York, June 13 - Fortis Bank, Cayman Islands Branch plans to price 14.25% annualized knock-in reverse convertible securities due Dec. 31, 2007 linked to SanDisk Corp. stock, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par in cash unless SanDisk 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 SanDisk 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 26 and settle on June 29.
Fortis Bank is the agent. Incapital LLC is the distributor.
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