By Laura Lutz
Des Moines, Nov. 5 - SG Structured Products, Inc. priced $5.5 million of 16.3% ReConvs notes due Jan. 31, 2008 linked to Tesoro Corp. stock, according to a term sheet.
Interest is payable monthly.
If Tesoro stock falls below the contingent protection level of $51.58, 80% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout at maturity will be a number of Tesoro shares equal to par divided by the $64.48 initial price or the equivalent in cash.
Otherwise, the payout is par.
Societe Generale is lead agent with Countrywide Securities Corp. as co-agent.
| Issuer: | SG Structured Products, Inc.
|
| Issue: | ReConvs
|
| Underlying security: | Tesoro Corp. (NYSE: TSO)
|
| Amount: | $5.5 million
|
| Maturity: | Jan. 31, 2008
|
| Coupon: | 16.3%, payable monthly
|
| Price: | Par
|
| Payment at maturity: | If Tesoro stock falls below the contingent protection level of $51.58 during the life of the notes and finishes below the initial price, payout will be a number of Tesoro shares equal to par divided by the $64.48 initial price or equivalent in cash; otherwise par
|
| Initial price: | $64.48
|
| Contingent protection level: | $51.58, 80% of the initial level
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Agents: | Societe Generale (lead), Countrywide Securities Corp. (co-agent)
|
| Fees: | 3.5% (maximum)
|
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