By Jennifer Chiou
New York, Dec. 5 - SG Structured Products, Inc. priced $3 million of 15.2% ReConvs notes due May 30, 2008 linked to Valero Energy Corp. stock, according to a term sheet.
Interest is payable monthly.
If Valero Energy stock falls below the limit price of $49.60, 80% of the initial level, during the life of the notes and the stock finishes below the initial share price, the payout at maturity will be a number of shares equal to par divided by the $62.00 initial price or the equivalent in cash.
Otherwise, the payout is par.
SG Americas Securities, LLC is lead agent with Countrywide Securities Corp. as co-agent.
Issuer: | SG Structured Products, Inc.
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Issue: | ReConvs
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Underlying stock: | Valero Energy Corp. (Symbol: VLO)
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Amount: | $3 million
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Maturity: | May 30, 2008
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Coupon: | 15.2%, payable monthly
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Price: | Par
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Payment at maturity: | If Valero Energy stock falls below the limit price of $49.60 during the life of the notes and finishes below the initial price, payout will be a number of shares equal to par divided by the $62.00 initial price or equivalent in cash; otherwise par
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Initial price: | $62.00
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Limit price: | $49.60, 80% of the initial level
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Agents: | SG Americas Securities, LLC (lead), Countrywide Securities Corp. (co-agent)
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Fees: | 3.5% (maximum)
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