Published on 6/4/2007 in the Prospect News Structured Products Daily.
New Issue: SG Structured Products sells $4.5 million 12.8% Tempo ReConvs linked to Whole Foods
By Jennifer Chiou
New York, June 4 - SG Structured Products, Inc. priced $4.5 million of 12.8% annualized Tempo ReConvs notes due Nov. 30, 2007 linked to Whole Foods Market, Inc. stock, according to a term sheet.
The notes will be automatically redeemed in whole if the closing price of Whole Foods stock exceeds the initial share price of $41.19 on Aug. 24, 2007. The redemption price will be par plus accrued interest.
If Whole Foods stock falls to or below the contingent protection level of $32.95, 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.
Societe Generale is principal agent with Countrywide Securities Corp. as agent.
Issuer: | SG Structured Products, Inc.
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Issue: | Tempo ReConvs
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Underlying security: | Whole Foods Market, Inc. stock
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Amount: | $4.5 million
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Maturity: | Nov. 30, 2007
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Coupon: | 12.8% annualized, payable quarterly
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Payment at maturity: | If Whole Foods stock falls below the contingent protection level of $32.95 during the life of the notes and finishes below the initial price, payout will be $1,000 divided by the $41.19 initial price, in stock or equivalent in cash; otherwise par
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Initial price: | $41.19
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Contingent protection level: | $32.95, 80% of the initial level
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Call: | Automatically redeemed for par plus accrued interest if the closing price of Whole Foods stock exceeds $41.19 on Aug. 24, 2007
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Pricing date: | May 29
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Settlement date: | May 30
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Agent: | SG Americas Securities, LLC, Countrywide Securities Corp.
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Fees: | 3.5% (maximum)
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