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HSBC to issue 14% reverse convertibles linked to Foster Wheeler
By Laura Lutz
Des Moines, April 7 - HSBC USA Inc. plans to price 14% reverse convertible notes due Oct. 30, 2008 linked to the common stock of Foster Wheeler Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Foster Wheeler stock falls below the protection price - 60% 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 Foster Wheeler shares equal to par divided by the initial share price.
The notes are expected to price on April 25 and settle on April 30.
HSBC Securities (USA) Inc. will be the agent.
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