By Laura Lutz
Des Moines, Nov. 13 - HSBC Finance Corp. plans to sell $110 million of debt securities due Nov. 13, 2013 through Morgan Stanley & Co. Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Morgan Stanley bought all of the notes on Nov. 13 and will resell them through another agent. The price to the public will be set by Morgan Stanley and that agent.
The notes initially bear interest at 6.538%. The interest rate will be reset on the date of the resale, on Dec. 1, 2009 and on Dec. 1, 2011. The adjusted rate will be based on a spread over the then-current yield of the two-year Treasury.
Interest will be payable semi-annually.
Morgan Stanley will be able to call the notes at par on Dec. 1, 2009 or Dec. 1, 2011.
The holders will be able to force HSBC to repurchase the notes at par on the same dates.
| Issuer: | HSBC Finance Corp.
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| Issue: | Debt securities
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| Amount: | $110 million
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| Maturity: | Nov. 13, 2013
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| Coupon: | 6.538% initially, payable semi-annually
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| Settlement date: | Nov. 13
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| Underwriter: | Morgan Stanley & Co. Inc.
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