HSBC USA to issue 17% reverse convertibles linked to Oregon Steel Mill

By Angela McDaniels

Seattle, Sept. 7 - HSBC USA Inc. plans to price an issue of 17% reverse convertible notes due March 29, 2007 linked to Oregon Steel Mill, 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 Oregon Steel Mill stock:

• If the stock trades at or below the knock-in price and closes below the initial price, investors will receive a number of Oregon Steel Mill 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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