Fortis to price 11.75% knock-in reverse convertibles linked to Sun via LaSalle

By Laura Lutz

Des Moines, July 31 - Fortis Bank, Cayman Islands Branch plans to price an issue of 11.75% knock-in reverse convertible securities due Aug. 29, 2008 linked to Sun Microsystems, Inc. common stock via agent LaSalle Financial Services, Inc., according to a term sheet.

Interest will be payable monthly.

In addition to the coupon, at maturity investors will receive par unless Sun stock falls below the knock-in 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 Sun shares equal to $1,000 divided by the initial share price.

The notes will price on Aug. 28 and settle on Aug. 31.

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