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HSBC to issue 10% reverse convertibles linked to Consol Energy
By Jennifer Chiou
New York, Feb. 7 - HSBC USA Inc. plans to price an issue of 10% reverse convertible notes due May 26, 2007 linked to the common stock of Consol Energy Inc., according to a term sheet.
Interest will be payable at maturity.
At maturity, investors will receive par unless Consol Energy stock falls below the protection price - 75% 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 Consol Energy shares equal to $1,000 divided by the initial share price.
The notes will price on Feb. 23 and settle on Feb. 28.
HSBC Securities (USA) Inc. is the agent. JVB Financial Group is the distributor.
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