By Laura Lutz
Des Moines, Oct. 31 - HSBC USA Inc. upsized to $784,000 its offering of 11.5% reverse convertible notes due April 30, 2008 linked to the common stock of the Blackstone Group LP, according to a 424B2 filing with the Securities and Exchange Commission.
The deal originally priced at $439,000.
Interest will be payable monthly.
At maturity, investors will receive par unless Blackstone Group stock falls below the protection 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 Blackstone Group shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. will be the agent.
Issuer: | HSBC USA Inc.
|
Issue: | Reverse convertible notes
|
Underlying stock: | The Blackstone Group LP (Symbol: BX)
|
Amount: | $784,000
|
Maturity: | April 30, 2008
|
Coupon: | 11.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Blackstone Group stock falls below $17.913 during the life of the notes and finishes below its initial price, in which case a number of shares of Blackstone Group equal to $1,000 divided by the initial price
|
Initial price: | $25.59
|
Barrier price: | $17.913, 70% of $25.59
|
Pricing date: | Oct. 26
|
Settlement date: | Oct. 31
|
Agent: | HSBC Securities (USA) Inc.
|
Fees: | 2.25%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.