By Laura Lutz
Washington, March 6 - Societe Generale, New York Branch priced $1 million of 15% Tempo ReConvs notes due Feb. 28, 2008 linked to The Goodyear Tire & Rubber Co. stock, according to a term sheet.
The notes will be automatically redeemed in whole if the closing price of Goodyear stock exceeds the initial share price of $24.41 on May 21, Aug. 22 or Nov. 21. The redemption price will be par plus accrued interest.
If Goodyear stock falls to or below the contingent protection level of $19.53, 80% 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 initial price, in stock or the equivalent in cash.
Otherwise, the payout is par.
SG Americas Securities, LLC is principal agent with Countrywide Securities Corp. as agent.
| Issuer: | Societe Generale, New York Branch
|
| Issue: | Tempo ReConvs
|
| Underlying security: | The Goodyear Tire & Rubber Co.
|
| Amount: | $1 million
|
| Maturity: | Feb. 28, 2008
|
| Coupon: | 15%
|
| Payment at maturity: | If Goodyear stock falls below the contingent protection level of $19.53 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $24.41 initial price, in stock or equivalent in cash; otherwise par
|
| Initial price: | $24.41
|
| Contingent protection level: | $19.53, 80% of the initial level
|
| Call: | Automatically redeemed for par plus accrued interest if the closing price of Goodyear stock exceeds $24.41 on May 21, Aug. 22 or Nov. 21
|
| Pricing date: | Feb. 27
|
| Settlement date: | Feb. 28
|
| Agents: | SG Americas Securities, LLC, Countrywide Securities Corp.
|
| Fee: | 3.5% (maximum)
|
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