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HSBC to issue 23.3% reverse convertibles linked to Overstock.com
By Laura Lutz
Des Moines, June 19 - HSBC USA Inc. plans to price an issue of 23.3% reverse convertible notes due Oct. 3, 2007 linked to the common stock of Overstock.com, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Overstock.com stock falls below the protection price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Overstock.com shares equal to $1,000 divided by the initial share price.
The notes are expected to price on June 29 and settle on July 5.
HSBC Securities (USA) Inc. will be the agent.
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