Published on 8/3/2007 in the Prospect News Structured Products Daily.
New Issue: Societe Generale sells $1.25 million 16.5% ReConvs linked to Las Vegas Sands
By Susanna Moon
Chicago, Aug. 3 - Societe Generale, New York Branch priced $1.25 million of 16.5% annualized ReConvs notes due Oct. 31, 2007 linked to Las Vegas Sands Corp. stock, according to a term sheet.
If the stock falls to or below the limit price of $70.42, or 85% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout will be $1,000 divided by the $82.85 initial price, in stock or the equivalent in cash.
Otherwise, the payout is par.
Societe General 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 stock: | Las Vegas Sands Corp. (NYSE: LVS)
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Amount: | $1.25 million
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Maturity: | Oct. 31, 2007
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Coupon: | 16.5% annualized
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Payment at maturity: | If the stock falls below the limit price of $70.42 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $82.85 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $82.85
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Limit price: | $70.42, or 85% of the initial level
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Pricing date: | July 26
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Settlement date: | July 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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