Published on 7/5/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1.5 million 13% Tempo ReConvs linked to Alaska Air
By Jennifer Chiou
New York, July 5 - Societe Generale, New York Branch priced $1.5 million of 13% annualized Tempo ReConvs notes due Dec. 28, 2007 linked to Alaska Air Group, Inc. stock, according to a term sheet.
The notes will be automatically redeemed in whole if the closing price of Alaska Air stock exceeds the initial share price of $26.92 on Sept. 28, 2007. The redemption price will be par plus accrued interest.
If Alaska Air stock falls to or below the contingent protection level of $21.54, 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 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: | Tempo ReConvs
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Underlying security: | Alaska Air Group, Inc.
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Amount: | $1.5 million
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Maturity: | Dec. 28, 2007
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Coupon: | 13% annualized
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Payment at maturity: | If Alaska Air stock falls below the contingent protection level of $21.54 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $26.92 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $26.92
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Contingent protection level: | $21.54, 80% of the initial level
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Call: | Automatically redeemed for par plus accrued interest if the closing price of Alaska Air stock exceeds $26.92 on Sept. 28, 2007
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Pricing date: | June 26
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Settlement date: | June 29
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Agents: | SG Americas Securities, LLC, Countrywide Securities Corp.
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Fees: | 3.5% (maximum)
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