Published on 5/10/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1 million 12.1% ReConvs linked to Tesoro
By Jennifer Chiou
New York, May 10 - Societe Generale, New York Branch priced $1 million of 12.1% annualized ReConvs notes due Oct. 26, 2007 linked to Tesoro Corp. stock, according to a term sheet.
If Tesoro stock falls to or below the contingent protection level of $95.09, 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 $118.86 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 stock: | Tesoro Corp.
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Amount: | $1 million
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Maturity: | Oct. 26, 2007
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Coupon: | 12.1% annualized
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Payment at maturity: | If Tesoro stock falls below the contingent protection level of $95.09 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $118.86 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $118.86
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Contingent protection level: | $95.09, 80% of the initial level
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Pricing date: | April 26
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Settlement date: | April 27
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Agents: | SG Americas Securities, LLC, Countrywide Securities Corp.
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Fee: | 3.5% (maximum)
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