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HSBC USA to issue 12% reverse convertibles linked to Swift
By Angela McDaniels
Seattle, Oct. 6 - HSBC USA Inc. plans to price an issue of 12% reverse convertible notes due Oct. 31, 2007 linked to Swift Transportation Co., Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will price on Oct. 26 and settle on Oct. 31.
The payout at maturity will be par unless Swift stock falls below the knock-in 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 Swift shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. is the agent for the deal.
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