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Fortis to price 12.05% knock-in reverse convertibles linked to U.S. Steel
By Laura Lutz
Des Moines, April 9 - Fortis Bank, Cayman Islands Branch plans to price an issue of 12.05% knock-in reverse convertible securities due Oct. 30, 2008 linked to United States Steel Corp. common stock, according to a term sheet.
Interest will be payable monthly.
If U.S. Steel 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 U.S. Steel 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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