HSBC USA plans issue of 18% reverse convertibles linked to NutriSystem

By Angela McDaniels

Seattle, Oct. 6 - HSBC USA Inc. plans to price an issue of 18% reverse convertible notes due Oct. 31, 2007 linked to NutriSystem, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be paid quarterly.

The notes will price on Oct. 26 and settle on Oct. 31.

The payout at maturity will be par unless NutriSystem stock trades below the knock-in price - 70% of the initial share price - and closes below the initial share price, in which case the payout will be a number of NutriSystem shares equal to $1,000 divided by the initial share price.

HSBC Securities (USA) Inc. is the agent for the deal.

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