By Susanna Moon
Chicago, July 14 - HSBC USA Inc. priced $20 million of fixed-to-floating notes due July 27, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 3% for the first year. After that, it will be Libor plus 115 basis points, up to a maximum rate of 6.5%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $20 million
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Maturity: | July 27, 2017
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Coupon: | 3% for one year; then Libor plus 115 bps, capped at 6.5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 12
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Settlement date: | July 27
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.25%
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Cusip: | 4042K1LH4
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