BNP Paribas plans issue of 17.05% reverse convertibles linked to Red Hat

By Angela McDaniels

Seattle, Sept. 7 - BNP Paribas plans to price an issue of 17.05% down-and-in reverse convertible notes due Dec. 29, 2006 linked to Red Hat Inc. stock, according to a BNP Paribas term sheet.

Interest will be paid monthly.

The notes will price on Sept. 25 and settle on Sept. 29.

Payout at maturity will be determined according to the performance of Red Hat stock:

• If the stock trades below the knock-in price and closes below the initial price, investors will receive a number of Red Hat shares equal to $1,000 divided by the initial stock price. The knock-in price will be 80% of the initial price.

• Otherwise, investors will receive par in cash.

BNP Paribas will be the agent for the deal, and JVB Financial Group, LLC will be the distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.