By Laura Lutz
Des Moines, Dec. 5 - SG Structured Products, Inc. priced $1.5 million of 12.3% ReConvs notes due Nov. 28, 2008 linked to Freeport-McMoRan Copper & Gold Inc. stock, according to a term sheet.
Interest is payable monthly.
If Freeport-McMoRan stock falls below the limit price of $62.50, 70% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout at maturity will be a number of shares equal to par divided by the $89.28 initial share price or the equivalent in cash.
Otherwise, the payout is par.
SG Americas Securities, LLC is lead agent with Countrywide Securities Corp. as co-agent.
Issuer: | SG Structured Products, Inc.
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Issue: | ReConvs
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $1.5 million
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Maturity: | Nov. 28, 2008
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Coupon: | 12.3%, payable monthly
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Price: | Par
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Payment at maturity: | If Freeport-McMoRan stock falls below the contingent protection level of $62.50 during the life of the notes and finishes below the initial price, payout will be a number of shares equal to par divided by the $89.28 initial price or equivalent in cash; otherwise par
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Initial price: | $89.28
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Limit price: | $62.50, 70% of the initial level
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Agents: | SG Americas Securities, LLC (lead), Countrywide Securities Corp. (co-agent)
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Fee: | 3.5% (maximum)
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