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Bear Stearns to price 13.1% ReConvs linked to Apple
By Jennifer Chiou
New York, Sept. 19 - The Bear Stearns Cos. Inc. plans to price 13.1% annualized ReConvs due December 2007 linked to Apple Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive par unless Apple stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.
The notes will price and settle in September.
Bear Stearns & Co. Inc. will be the agent.
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