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BNP Paribas plans issue of 18% reverse convertibles linked to Gerdau
By Angela McDaniels
Seattle, Sept. 7 - BNP Paribas plans to price an issue of 18% down-and-in reverse convertible notes due Dec. 29, 2006 linked to Gerdau SA stock, according to a BNP Paribas term sheet.
Interest will be paid monthly.
The notes will price on Sept. 25 and settle on Sept. 29.
Payout at maturity will be determined according to the performance of Gerdau stock:
• If the stock trades below the protection price and closes below the initial price, investors will receive a number of Gerdau shares equal to $1,000 divided by the initial stock price. The protection price will be 85% of the initial price.
• Otherwise, investors will receive par in cash.
BNP Paribas will be the agent for the deal, and JVB Financial Group, LLC will be the distributor.
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