Published on 10/9/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1.5 million 16% ReConvs linked to CIT
By Laura Lutz
Des Moines, Oct. 9 - Societe Generale, New York Branch priced $1.5 million of 16% ReConvs notes due Sept. 26, 2008 linked to CIT Group Inc. stock, according to a term sheet.
If CIT stock falls to or below the contingent protection level of $27.24, 70% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout will be a number of shares equal to par divided by the $38.92 initial price or the equivalent in cash.
Otherwise, the payout is par.
Societe Generale was the agent with Countrywide Securities Corp. as co-agent.
Issuer: | Societe Generale, New York Branch
|
Issue: | ReConvs
|
Underlying stock: | CIT Group Inc. (NYSE: CIT)
|
Amount: | $1.5 million
|
Maturity: | Sept. 26, 2008
|
Coupon: | 16%, payable monthly
|
Payment at maturity: | If CIT stock falls below the contingent protection level of $27.24 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 $38.92 initial price or equivalent in cash; otherwise par
|
Initial price: | $38.92
|
Contingent protection level: | $27.24, 70% of the initial level
|
Pricing date: | Sept. 25
|
Settlement date: | Sept. 28
|
Agents: | Societe Generale (lead), Countrywide Securities Corp. (co-agent)
|
Fee: | 3.5% (maximum)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.