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HSBC USA plans issue of 11.25% reverse convertibles linked to Micron Technology
By Jennifer Chiou
New York, Sept. 12 - HSBC USA Inc. plans to price an issue of 11.25% reverse convertible notes due Sept. 28, 2007 linked to Micron Technology, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will price on Sept. 26 and settle on Sept. 29.
Payout at maturity will be determined according to the performance of Micron Technology stock:
• If the stock trades at or below the knock-in price and closes below the initial price, investors will receive a number of Micron Technology shares equal to $1,000 divided by the initial stock price. The knock-in price will be 80% of the initial price.
• Otherwise, investors will receive par in cash.
HSBC Securities (USA) Inc. is the agent for the deal.
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