Calyon to price 15% reverse convertibles linked to Alcoa

By Laura Lutz

Des Moines, Dec. 5 - Calyon plans to price 15% reverse convertible notes due June 25, 2008 linked to the common stock of Alcoa Inc., according to a term sheet.

Interest will be payable monthly.

The payout at maturity will be par unless Alcoa shares fall by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Alcoa shares equal to par divided by the initial share price.

The notes will price on Dec. 21 and settle on Dec. 28.

Calyon Securities (USA) Inc. is the agent.

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