Bear Stearns to price 18% reverse convertibles linked to Apple

By Laura Lutz

Des Moines, Jan. 29 - Bear Stearns Cos. Inc. plans to price 18% reverse convertible notes due July 2008 linked to Apple Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable at maturity.

If Apple stock falls below the protection price - 70% of the initial price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Apple shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes are expected to price in January and settle in February.

Bear, Stearns & Co. Inc. will be the agent.

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