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HSBC to issue 11.35% reverse convertibles linked to Massey Energy
By Laura Lutz
Des Moines, June 6 - HSBC USA Inc. plans to price an issue of 11.35% reverse convertible notes due Dec. 27, 2007 linked to the common stock of Massey Energy Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable at maturity.
At maturity, investors will receive par unless Massey Energy stock falls below the protection price - 80% 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 Massey Energy shares equal to $1,000 divided by the initial share price.
The notes are expected to price on June 22 and settle on June 27.
HSBC Securities (USA) Inc. will be the agent.
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