Calyon plans 15% upside-down reverse convertibles linked to Toll Brothers via JVB

By Laura Lutz

Des Moines, May 9 - Calyon plans to price an issue of 15% upside-down reverse convertible notes due Aug. 31, 2007 linked to Toll Brothers Inc. shares via JVB Financial Group, LLC, according to a term sheet.

The notes will price on May 24 and settle on May 31.

Interest will be payable monthly.

If the price of Toll Brothers stock stays below the barrier price - 120% of the initial price - during the life of the notes and finishes below its initial price, the payout will be a number of Toll Brothers shares equal to par divided by the initial share price.

Otherwise, the payout will be par in cash.

Calyon Securities (USA) Inc. will be the dealer.

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