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HSBC USA plans issue of 17.75% reverse convertibles linked to Arch Coal
By Angela McDaniels
Seattle, Sept. 7 - HSBC USA Inc. plans to price an issue of 17.75% reverse convertible notes due Dec. 29, 2006 linked to Arch Coal, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
HSBC Securities (USA) Inc. is the agent for the deal and JVB Financial Group, LLC is the distributor.
Interest will be paid monthly.
The notes will price on Sept. 25 and settle on Sept. 29.
Payout at maturity will be determined according to the performance of Arch Coal stock:
• If the stock trades at or below the knock-in price and closes below the initial price, investors will receive a number of Arch Coal shares equal to $1,000 divided by the initial stock price. The knock-in price will be 80% of the initial price.
• Otherwise, investors will receive par in cash.
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