HSBC plans 25.8% reverse convertibles linked to Rambus

By Angela McDaniels

Seattle, Dec. 5 - HSBC USA Inc. plans to price an offering of reverse convertible notes due March 26, 2007 linked to the common stock of Rambus Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 6.45% for an annualized rate of 25.8%.

The notes will price on Dec. 20 and settle on Dec. 26.

The payout at maturity will be par unless Rambus stock falls below the barrier level - 65% 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 Rambus shares equal to $1,000 divided by the initial share price.

HSBC Securities (USA) Inc. will be the agent.

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