Fortis to price 12.75% knock-in reverse convertibles linked to Nvidia

By Laura Lutz

Des Moines, May 7 - Fortis Bank, Cayman Islands Branch plans to price 12.75% annualized knock-in reverse convertible securities due Aug. 27, 2008 linked to Nvidia, Corp. common stock, according to a term sheet.

Interest will be payable monthly.

If Nvidia stock falls below the knock-in price - 70% 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 Nvidia shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes will price on May 22 and settle on May 27.

JVB is the distributor.

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