Harris plans range accrual callable CDs linked to six-month Libor

By Angela McDaniels

Tacoma, Wash., June 17 - Harris NA plans to price range accrual certificates of deposit due June 30, 2028, according to a term sheet.

Interest will be payable monthly and will equal 8¾% per year multiplied by the proportion of days on which six-month Libor is 6.5% or less.

Beginning June 30, 2009, the CDs will be callable at par on any interest payment date.

If the CDs are not called, the payout at maturity will be par.

The notes are expected to price on June 25 and settle on June 30.

Incapital will be the distributor.

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