Fortis to price 11.3% knock-in reverse convertibles linked to Citigroup

By Laura Lutz

Des Moines, April 9 - Fortis Bank, Cayman Islands Branch plans to price 11.3% knock-in reverse convertible securities due April 30, 2009 linked to Citigroup, Inc. common stock, according to a term sheet.

Interest will be payable monthly.

If Citigroup stock falls below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Citigroup shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes will price on April 25 and settle on April 30.

JVB is the distributor.

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