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Societe Generale to price 18% Tempo ReConvs linked to CIT
By Laura Lutz
Des Moines, Oct. 10 - Societe Generale, New York Branch plans to price 18% Tempo ReConvs due April 30, 2008 linked to CIT Group Inc. common stock, according to a term sheet.
Societe Generale will issue up to $10 million of the securities.
Interest will be payable quarterly.
The notes will be automatically redeemed in whole if the closing price of CIT shares exceeds the initial share price on Jan. 31, 2008, the first call date.
At maturity, investors will receive par unless CIT stock falls below the knock-in price - 80% 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 CIT shares equal to $1,000 divided by the initial share price.
The notes will price on Oct. 26 and settle on Oct. 31.
Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.
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