Published on 9/7/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1.25 million 13.15% ReConvs linked to CVRD
By Susanna Moon
Chicago, Sept. 7 - Societe Generale, New York Branch priced $1.25 million of 13.15% ReConvs notes due Aug. 29, 2008 linked to Companhia Vale do Rio Doce stock, according to a term sheet.
Interest is payable monthly.
If the stock falls to or below the limit price of $31.53, or 70% 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 $45.05 initial price, in stock or the equivalent in cash.
Otherwise, the payout is par.
Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.
Issuer: | Societe Generale, New York Branch
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Issue: | ReConvs
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Underlying stock: | Companhia Vale do Rio Doce (NYSE: RIO)
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Amount: | $1.25 million
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Maturity: | Aug. 29, 2008
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Coupon: | 13.15%, payable monthly
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Payment at maturity: | If the stock falls below the limit price of $31.53 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $45.05 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $45.05
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Limit price: | $31.53, 70% of the initial level
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Pricing date: | Aug. 28
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Settlement date: | Aug. 31
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Agents: | Societe Generale (lead), Countrywide Securities Corp. (co-agent)
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Fees: | 3.5% (maximum)
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