Fortis plans 16.3% reverse convertibles linked to Coach

By Jennifer Chiou

New York, Feb. 6 - Fortis Bank, Cayman Islands Branch plans to price 16.3% annualized knock-in reverse convertible securities due Aug. 29, 2008 linked to the common stock of Coach, Inc., according to a term sheet.

Interest will be payable monthly.

The payout at maturity will be par unless Coach stock falls below the knock-in price - 75% 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 Coach shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Feb. 26 and settle on Feb. 29.

Fortis Bank will be the agent. LaSalle Financial Services, Inc. is the distributor.

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