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Fortis Bank plans 17.5% knock-in reverse convertibles linked to JetBlue
By Susanna Moon
Chicago, Sept. 5 - Fortis Bank, Cayman Islands Branch plans to price 17.5% knock-in reverse convertible securities due March 28, 2008 linked to JetBlue Airways Corp. stock, according to a term sheet.
Interest is payable monthly.
The payout at maturity will be par unless JetBlue stock trades at or below the knock-in price and closes below the initial price, in which case investors will receive a number of JetBlue shares equal to $1,000 divided by the initial share price.
The knock-in price will be 80% of the initial share price.
The issue will price on Sept. 25 and settle on Sept. 28.
Fortis Bank is the agent.
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