By Laura Lutz
Washington, March 6 - Societe Generale, New York Branch priced $3.5 million of 13.5% Tempo ReConvs notes due Feb. 28, 2008 linked to Freeport-McMoRan Copper & Gold Inc. stock, according to a term sheet.
The notes will be automatically redeemed in whole if the closing price of Freeport-McMoRan stock exceeds the initial share price of $55.75 on May 21, Aug. 22 or Nov. 21. The redemption price will be par plus accrued interest.
If Freeport-McMoRan stock falls to or below the contingent protection level of $39.03, 70% 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 $55.75 initial price, in stock or the equivalent in cash.
Otherwise, the payout is par.
Countrywide Securities Corp. is the distributor.
| Issuer: | Societe Generale, New York Branch
|
| Issue: | Tempo ReConvs
|
| Underlying security: | Freeport-McMoRan Copper & Gold Inc.
|
| Amount: | $3.5 million
|
| Maturity: | Feb. 28, 2008
|
| Coupon: | 13.5%
|
| Payment at maturity: | If Freeport-McMoRan stock falls below the contingent protection level of $39.03 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $55.75 initial price, in stock or equivalent in cash; otherwise par
|
| Initial price: | $55.75
|
| Contingent protection level: | $39.03, 70% of the initial level
|
| Call: | Automatically redeemed for par plus accrued interest if the closing price of Freeport-McMoRan stock exceeds $55.75 on May 21, Aug. 22 or Nov. 21
|
| Pricing date: | Feb. 27
|
| Settlement date: | Feb. 28
|
| Distributor: | Countrywide Securities Corp.
|
| Fee: | 3.5% (maximum)
|
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