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Fortis to price 20% knock-in reverse convertibles linked to Research In Motion
By Susanna Moon
Chicago, July 10 - Fortis Bank, Cayman Islands Branch plans to price 20% annualized knock-in reverse convertible securities due Jan. 30, 2009 linked to Research In Motion Ltd. common stock, according to a term sheet.
Interest will be payable monthly.
If Research In Motion stock falls to or below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Research In Motion shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on July 25 and settle on July 31.
Fortis Securities LLC is the agent.
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