Published on 4/3/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $2.5 million 13.5% ReConvs linked to United States Steel
By Jennifer Chiou
New York, April 3 - Societe Generale, New York Branch priced $2.5 million of 13.5% ReConvs notes due Sept. 28, 2007 linked to United States Steel Corp. stock, according to a term sheet.
If United States Steel stock falls to or below the contingent protection level of $80.98, 80% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout will be $1,000 divided by the $101.22 initial price, in stock or the equivalent in cash.
Otherwise, the payout is par.
SG Americas Securities, LLC is principal agent with Countrywide Securities Corp. as agent.
Issuer: | Societe Generale, New York Branch
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Issue: | ReConvs
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Underlying security: | United States Steel Corp.
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Amount: | $2.5 million
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Maturity: | Sept. 28, 2007
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Coupon: | 13.5%
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Payment at maturity: | If United States Steel stock falls below the contingent protection level of $80.98 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $101.22 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $101.22
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Contingent protection level: | $80.98, 80% of the initial level
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Pricing date: | March 29
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Settlement date: | March 30
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Agents: | SG Americas Securities, LLC, Countrywide Securities Corp.
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Fee: | 3.5% (maximum)
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