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Bear Stearns to price 25% reverse convertibles linked to Elan
By Laura Lutz
Des Moines, Feb. 27 - Bear Stearns Cos. Inc. plans to price 25% reverse convertible notes due September 2008 linked to American Depositary Shares representing shares of Elan Corp., plc, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable at maturity.
If Elan stock falls below the protection price - 80% of the initial price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Elan shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes are expected to price in February and settle in March.
Bear, Stearns & Co. Inc. will be the agent.
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