Bear Stearns to price 12.5% reverse convertibles linked to Freeport-McMoRan

By Jennifer Chiou

New York, June 11 - Bear Stearns Cos. Inc. plans to price 12.5% one-year reverse convertible notes linked to the class B common stock of Freeport-McMoRan Copper & Gold Inc., according to a FWP filing with the Securities and Exchange Commission.

Interest will be payable semiannually.

At maturity, investors will receive par unless Freeport-McMoRan stock falls below the knock-in price - 70% 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 Freeport-McMoRan shares equal to $1,000 divided by the initial share price.

The notes are expected to price and settle in June.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.