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Fortis Bank plans 8.75% knock-in reverse convertibles linked to Schering-Plough
By Susanna Moon
Chicago, Sept. 5 - Fortis Bank, Cayman Islands Branch plans to price 8.75% knock-in reverse convertible securities due Sept. 28, 2008 linked to Schering-Plough Corp. stock, according to a term sheet.
Interest is payable monthly.
The payout at maturity will be par unless Schering-Plough stock trades at or below the knock-in price and closes below the initial price, in which case investors will receive a number of Schering-Plough shares equal to $1,000 divided by the initial share price.
The knock-in price will be 80% of the initial share price.
The issue will price on Sept. 25 and settle on Sept. 28.
Fortis Bank is the agent.
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