Published on 8/3/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $750,000 19.35% ReConvs linked to ImClone
By Jennifer Chiou
New York, Aug. 3 - Societe Generale, New York Branch priced $750,000 of 19.35% annualized ReConvs notes due Jan. 31, 2008 linked to ImClone Systems Inc. stock, according to a term sheet.
If ImClone Systems stock falls to or below the contingent protection level of $27.78, 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 $34.72 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: | ReConvs
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Underlying stock: | ImClone Systems Inc. (Nasdaq: IMCL)
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Amount: | $750,000
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Maturity: | Jan. 31, 2008
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Coupon: | 19.35% annualized
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Payment at maturity: | If ImClone Systems stock falls below the contingent protection level of $27.78 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $34.72 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $34.72
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Contingent protection level: | $27.78, 80% of the initial level
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Pricing date: | July 26
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Settlement date: | July 31
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Agents: | SG Americas Securities, LLC, Countrywide Securities Corp.
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Fees: | 3.5% (maximum)
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