Published on 9/7/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1 million 21% Worst-of ReConvs linked to Goldman Sachs, Merrill Lynch, Morgan Stanley
By Susanna Moon
Chicago, Sept. 7 - Societe Generale, New York Branch priced $1 million of 21% Worst-of ReConvs notes due Nov. 30, 2007 linked to the common stock of Goldman Sachs Group, Inc., Merrill Lynch & Co., Inc. and Morgan Stanley, according to a term sheet.
Interest is payable monthly.
Payment at maturity is linked to the performance of the worst-performing stock.
Investors will receive par unless the worst-performing 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 shares equal to $1,000 divided by the initial share price. Otherwise, the payout is par.
Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.
| Issuer: | Societe Generale, New York Branch
|
| Issue: | ReConvs
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| Underlying stock: | Stock of Goldman Sachs Group, Inc. (NYSE: GS), Merrill Lynch & Co., Inc. (NYSE: MER) and Morgan Stanley (NYSE: MS)
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| Amount: | $1 million
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| Maturity: | Nov. 30, 2007
|
| Coupon: | 21%, payable monthly
|
| Payment at maturity: | Par unless the worst-performing 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 shares equal to $1,000 divided by the initial share price
|
| Initial prices: | Goldman Sachs Group, Inc. at $170.95, Merrill Lynch & Co., Inc. at $72.00 and Morgan Stanley at $60.77
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| Limit prices: | Goldman Sachs Group, Inc. at $136.76, Merrill Lynch & Co., Inc. at $57.60 and Morgan Stanley at $48.62, 80% of the initial price
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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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