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Fortis plans 25.5% reverse convertibles linked to Elan
By Susanna Moon
Chicago, Jan. 8 - Fortis Bank, Cayman Islands Branch plans to price 25.5% knock-in reverse convertible securities due April 30, 2008 linked to the American Depository Receipts of Elan Corp. plc, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Elan ADRs fall below the knock-in price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Elan ADRs equal to $1,000 divided by the initial price.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
Fortis Bank will be the agent.
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