New Issue: Fortis Bank prices $705,000 12% knock-in reverse convertibles linked to Whole Foods

By Laura Lutz

Des Moines, July 30 - Fortis Bank, Cayman Islands Branch priced a $705,000 issue of 12% annualized knock-in reverse convertible securities due Jan. 31, 2008 linked to Whole Foods Market, Inc. stock, according to a term sheet.

The payout at maturity will be par in cash unless Whole Foods stock trades at or below the knock-in price, 80% of the initial price of $36.45, and closes below the initial price, in which case investors will receive a number of Whole Foods shares equal to $1,000 divided by the initial share price.

Fortis Bank is the agent. Incapital LLC is the distributor.

Issuer:	Fortis Bank, Cayman Islands Branch
Issue:	Knock-in reverse convertible securities
Underlying stock:	Whole Foods Market, Inc. (Symbol: WFMI)
Amount:	$705,000
Maturity:	Jan. 31, 2008
Coupon:	12%
Price:	Par
Payout at maturity:	Par in cash unless Whole Foods stock trades at or below $29.16 and closes below $36.45; in that case, a number of Whole Foods shares equal to $1,000 divided by $36.45
Initial price:	$36.45
Knock-in price:	$29.16, 80% of $36.45
Pricing date:	July 26
Settlement date:	July 31
Agent:	Fortis Bank
Distributor:	Incapital LLC

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