Published on 9/7/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1 million 22.2% Worst-of ReConvs linked to CVRD, Petrobras, CSN
By Susanna Moon
Chicago, Sept. 7 - Societe Generale, New York Branch priced $1 million of 22.2% Worst-of ReConvs notes due Nov. 30, 2007 linked to American Depositary Shares of Companhia Vale do Rio Doce, Petróleo Brasileiro SA and Companhia Siderúrgica Nacional, according to a term sheet.
Interest is payable monthly.
Payment at maturity is linked to the performance of the worst-performing stock.
Investors will receive par unless the worst-performing 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 shares equal to $1,000 divided by the initial share price. Otherwise, the payout is par.
Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.
Issuer: | Societe Generale, New York Branch
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Issue: | ReConvs
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Underlying stocks: | American Depositary Shares of Companhia Vale do Rio Doce (NYSE: RIO), Petroleo Brasileiro SA (NYSE: PBR) and Companhia Siderurgica Nacional (NYSE: SID)
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Amount: | $1 million
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Maturity: | Nov. 30, 2007
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Coupon: | 22.2%, payable monthly
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Payment at maturity: | Par unless the worst-performing 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 shares equal to $1,000 divided by the initial share price
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Initial prices: | Companhia Vale do Rio Doce at $45.04, Petroleo Brasileiro SA at $56.78 and Companhia Siderurgica Nacional at $51.21
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Limit prices: | Companhia Vale do Rio Doce at $36.03, Petroleo Brasileiro SA at $45.42 and Companhia Siderurgica Nacional at $40.97
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Pricing date: | Aug. 28
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Settlement date: | Aug. 31
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Agents: | Societe Generale (lead), Countrywide Securities Corp. (co-agent)
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Fees: | 3.5% (maximum)
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