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Societe Generale to price 10% ReConvs linked to ImClone
By Jennifer Chiou
New York, April 11 - Societe Generale, New York Branch plans to price 10% ReConvs due April 25, 2008 linked to ImClone Systems Inc. common stock, according to a term sheet.
Societe Generale is the principal agent with Countrywide Securities Corp. as agent.
Interest will be payable quarterly.
At maturity, investors will receive par unless ImClone stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of ImClone shares equal to $1,000 divided by the initial share price.
The notes will price on April 26 and settle on April 27.
Societe Generale will issue up to $10 million of the securities.
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