BNP Paribas to price 15.75% reverse convertibles linked to Las Vegas Sands

By Jennifer Chiou

New York, July 12 - BNP Paribas plans to price 15.75% down-and-in reverse convertible notes due Jan. 25, 2007 linked to Las Vegas Sands Corp. stock, according to a BNP term sheet.

The payout at maturity will be par unless Las Vegas Sands stock falls below the knock-in level of 75% of its initial price during the life of the notes.

If the knock-in level is hit, payout at maturity is par if the stock closes above its initial price on the valuation date of Jan. 22, 2007. Otherwise, payout is a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.

The securities are expected to price on July 21 and settle on July 26.

JVB Financial Group, LLC will be the distributor.

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