New Issue: Societe Generale sells $2.2 million 10% ReConvs linked to Wells Fargo

By Laura Lutz

Des Moines, Oct. 9 - Societe Generale, New York Branch priced $2.2 million of 10% ReConvs notes due Sept. 26, 2008 linked to Wells Fargo & Co. stock, according to a term sheet.

If Wells Fargo stock falls to or below the contingent protection level of $28.86, 80% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout will be par divided by the $36.07 initial price, in stock or the equivalent in cash.

Otherwise, the payout is par.

Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.

Issuer:	Societe Generale, New York Branch
Issue:	ReConvs
Underlying stock:	Wells Fargo & Co. (NYSE: WFC)
Amount:	$2.2 million
Maturity:	Sept. 26, 2008
Coupon:	10%, payable monthly
Payment at maturity:	If Wells Fargo stock falls below the contingent protection level of $28.86 during the life of the notes and finishes below the initial price, payout will be a number of shares equal to par divided by the $36.07 initial price or equivalent in cash; otherwise par
Initial price:	$36.07
Contingent protection level:	$28.86, 80% of the initial level
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Agents:	Societe Generale (lead), Countrywide Securities Corp. (co-agent)
Fee:	3.5% (maximum)

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