HSBC to price 14% reverse convertibles linked to Sprint Nextel

By Susanna Moon

Chicago, June 13 - HSBC USA Inc. plans to price 14% annualized reverse convertible notes due Sept. 30, 2008 linked to the common stock of Sprint Nextel Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

At maturity, investors will receive par unless Sprint Nextel stock falls below the barrier price - 65% 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 Sprint Nextel shares equal to $1,000 divided by the initial share price.

The notes are expected to price on June 25 and settle June 30.

HSBC Securities (USA) Inc. will be the agent.

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