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Societe Generale to price 11% ReConvs linked to Freeport-McMoRan
By Laura Lutz
Washington, Feb. 6 - Societe Generale, New York Branch plans to price 11% ReConvs due Feb. 28, 2008 linked to Freeport-McMoRan Copper & Gold Inc. common stock via Societe Generale, according to a term sheet.
Countrywide Securities Corp. is the distributor.
Interest will be payable quarterly.
At maturity, investors will receive par unless Freeport-McMoRan 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, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
The notes will price on Feb. 23 and settle on Feb. 28.
Societe Generale will issue up to $10 million of the securities.
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