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Calyon to price 10.45% reverse convertibles linked to Schlumberger
By Laura Lutz
Des Moines, Dec. 5 - Calyon plans to price 10.45% reverse convertible notes due Dec. 24, 2008 linked to the common stock of Schlumberger NV, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Schlumberger shares fall by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Schlumberger shares equal to par divided by the initial share price.
The notes will price on Dec. 21 and settle on Dec. 28.
Calyon Securities (USA) Inc. is the agent.
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