Fortis to price 13.5% knock-in reverse convertibles linked to General Motors via LaSalle

By Laura Lutz

Des Moines, July 3 - Fortis Bank, Cayman Islands Branch plans to price 13.5% knock-in reverse convertible securities due July 31, 2008 linked to General Motors 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 General Motors 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 General Motors shares equal to $1,000 divided by the initial share price.

The notes will price on July 26 and settle on July 31.

LaSalle Financial Services, Inc. is the agent.

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