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HSBC USA to issue 13.25% reverse convertibles linked to U.S. Steel
By Angela McDaniels
Seattle, Oct. 6 - HSBC USA Inc. plans to price an issue of 13.25% reverse convertible notes due Oct. 31, 2007 linked to United States Steel Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will price on Oct. 26 and settle on Oct. 31.
The payout at maturity will be par unless United States Steel stock trades below the knock-in price - 80% of the initial share price - and closes below the initial share price, in which case the payout will be a number of United States Steel shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. is the agent for the deal.
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