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Bear Stearns to price 12.25% reverse convertibles linked to Novartis
By Susanna Moon
Chicago, Feb. 19 - Bear Stearns Cos. Inc. plans to price 12.25% reverse convertible notes due February 2009 linked to the American Depositary Shares of Novartis AG, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
At maturity, investors will receive par unless Novartis ADSs fall below the knock-in price - 85% of the initial share price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Novartis ADSs equal to $1,000 divided by the initial price.
The notes are expected to price and settle in February.
Bear, Stearns & Co. Inc. will be the agent.
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