BNP Paribas plans issue of 9.75% reverse convertibles linked to Starbucks

By Angela McDaniels

Seattle, Sept. 7 - BNP Paribas plans to price an issue of 9.75% down-and-in reverse convertible notes due March 29, 2007 linked to Starbucks Corp. 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 Starbucks stock:

• If the stock trades below the protection price and closes below the initial price, investors will receive a number of Starbucks shares equal to $1,000 divided by the initial stock price. The protection price will be 85% 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.

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