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Fortis to price 11.85% knock-in reverse convertibles linked to Lehman
By Laura Lutz
Des Moines, May 7 - Fortis Bank, Cayman Islands Branch plans to price 11.85% annualized knock-in reverse convertible securities due Aug. 27, 2008 linked to Lehman Brothers Holdings Inc. common stock, according to a term sheet.
Interest will be payable monthly.
If Lehman stock falls below the knock-in price - 65% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Lehman shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on May 22 and settle on May 27.
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