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Bear Stearns to price 15.5% reverse convertibles linked to Sotheby's
By Laura Lutz
Washington, Nov. 29 - Bear Stearns Cos. Inc. plans to price an issue of six-month 15.5% reverse convertible notes linked to the common stock of Sotheby's, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid at maturity.
At maturity, investors will receive par unless Sotheby's stock falls below the knock-in price - 75% 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 Sotheby's shares equal to $1,000 divided by the initial share price.
Bear, Stearns & Co. Inc. will be the agent.
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