TIDMJPM TIDM73MF
RNS Number : 4039O
JPMorgan Chase & Co
05 March 2009
Company:JPMorgan Chase & Co.
Headline:Amendment to notes
5 March 2009
The Bear Stearns Companies LLC (formerly known as The Bear Stearns Companies
Inc.) EUR25,000,000 Principal Protected Floating Rate Notes due May 2020 issued
pursuant to the U.S.$15,000,000,000, Euro-Dragon Medium Term Note Programme of
The Bear Stearns Companies Inc. and Bear Stearns Bank plc, ISIN: XS0220151509
(the "Notes")
We refer to the Pricing Supplement in respect of the Notes dated 20 May
2005 (the "Pricing Supplement") and the admission of the Notes to trading on the
London Stock Exchange on 17 June 2005.
We further refer to the assumption by JPMorgan Chase & Co. of the rights and
obligations of The Bear Stearns Companies LLC as issuer under the Euro-Dragon
Medium Term Note Programme on 27 February 2009.
The Issuer wishes to announce that pursuant to the written agreement of all the
holders of the Notes on 26 February 2009 (the "Effective Date") and with effect
from and including the Effective Date, the Terms and Conditions of the Notes
were amended and restated so as to be in the form set out in Annex 1 hereto.
Capitalised terms used but not defined herein shall have the meaning given to
them in the Pricing Supplement.
For further information, please contact:
Anthony Horan
Secretary
JPMorgan Chase & Co.
Telephone number: +001 212 270 6000
Fax number: +001 646 534 3041
Email: anthony.horan@chase.com
Annex 1
NOTEHOLDERS SHOULD UNDERSTAND THAT PAYMENTS OF INTEREST UNDER THE NOTES WILL BE
LINKED TO A FLOATING RATE OF INTEREST (AS DEFINED HEREIN), WHICH ITSELF CONTAINS
SUBSTANTIAL MARKET RISKS. NEVERTHELESS, IN NO CIRCUMSTANCES (OTHER THAN THE
INSOLVENCY OF THE ISSUER OR IN THE EVENT OF AN EARLY REDEMPTION PURSUANT TO
CONDITION 7(b) OR CONDITION 10) MAY THE NOTES BE REDEEMED FOR LESS THAN PAR.
NOTEHOLDERS SHOULD BE AWARE that (1) effective as of 30 May 2008, BSC Merger
Corporation, a wholly-owned subsidiary of JPMorgan Chase & Co. (JPMORGAN CHASE),
merged with and into The Bear Stearns Companies Inc. (Bear Stearns) pursuant to
the Agreement and Plan of Merger, dated as of 16 March 2008, as amended 24 March
2008, and Bear Stearns became a wholly-owned subsidiary of JPMorgan Chase; (2)
ON 16 July 2008 the BEar stearns companies inc. was converted from a corporation
into a limited liability company under the laws of the State of Delaware and ITS
NAME BECAME THE BEAR STEARNS COMPANIES LLC, AND that references herein to the
issuer have been amended accordingly; and (3) on 31 july 2008 JPMORGAN CHASE AND
BEAR STEARNS ENTERED INTO THE THIRTEENTH SUPPLEMENTAL TRUST DEED TO THE TRUST
DEED DATED 4 AUGUST 1994, AS AMENDED AND SUPPLEMENTED (TRUST DEED), PURSUANT TO
WHICH JPMORGAN CHASE FULLY AND UNCONDITIONALLY GUARANTEED THE PAYMENT OF ALL
OBLIGATIONS AND LIABILITIES OF BEAR STEARNS AS ISSUER OF NOTES ISSUED UNDER THE
TRUST DEED.
AMENDED AND RESTATED PRICING SUPPLEMENT
Amended and Restated
26 February, 2009
THE BEAR STEARNS COMPANIES LLC
EUR25,000,000 Principal Protected Floating Rate Notes due May 2020
issued pursuant to the U.S.$15,000,000,000, Euro-Dragon Medium Term Note
Programme
of The Bear Stearns Companies Inc. and Bear Stearns Bank plc (the "Programme")
This document constitutes the Amended and Restated Pricing Supplement relating
to the issue of Notes described herein, and amends and restates the Pricing
Supplement relating to the Notes dated 20th May, 2005 (the Original Pricing
Supplement). For the avoidance of doubt, the Notes were described in the
Original Pricing Supplement as EUR25,000,000 Principal Protected CMS Linked Notes
due May 2020. Terms used herein shall be deemed to be defined as such for the
purposes of the conditions set forth in the Offering Circular dated 17th
December, 2003 as so supplemented from time to time. This Amended and Restated
Pricing Supplement must be read in conjunction with such Offering Circular as so
supplemented.
Pursuant to an order of the High Court of England and Wales dated 3 April 2007
with effect from 19 May 2007, all rights and obligations of JPMorgan Chase Bank,
N.A. in any agency capacity in relation to all documents entered into in
connection with the Notes and the Programme were transferred to The Bank of New
York, in the manner and to the extent provided in the Court Order.
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| 1. | Name of relevant Issuer and | The Bear Stearns Companies LLC (formerly |
| | (where the relevant Issuer is | known as The Bear Stearns Companies Inc.) |
| | BS Bank) the name of the | |
| | Parent: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 2. | Series Number (of each | 1299 |
| | Tranche, if applicable) and, | |
| | if not a new Series, the date | |
| | from which the Tranche being | |
| | issued will form a single | |
| | Series with the other Notes | |
| | comprised in that Series: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 3. | Whether Notes are in bearer | Bearer. |
| | and/or registered form: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 4. | Whether Notes will initially | Temporary Global Note. |
| | be represented by a Temporary | |
| | Global Note and/or Restricted | |
| | Global Note and/or Reg. S | |
| | Global Note and/or definitive | |
| | Registered Notes and, in each | |
| | case, the initial aggregate | |
| | nominal amount which each such | |
| | global Note will represent | |
| | and/or of definitive | |
| | Registered Notes to be issued: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 5. | Specified Currency (or | Euro (EUR) |
| | currencies in the case of Dual | |
| | Currency Notes): | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 6. | Aggregate Nominal Amount: | EUR25,000,000 |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 7. | Interest/Payment Basis and, if | The Notes shall be Fixed Rate Notes in |
| | more than one, the dates | respect of the period from and including |
| | during which each | the Issue Date to but excluding 20th May, |
| | Interest/Payment Basis will | 2006 (the Fixed Rate Period) in |
| | apply and/or details as to if | accordance with paragraph 14 below and |
| | convertible automatically or | Floating Rate Notes in respect of (i) the |
| | at option of Issuer and/or | period from and including 20th May 2006 |
| | Noteholders into Notes of | up to but excluding 20th May 2008 (the |
| | another Interest/Payment | CMS Period) in accordance with paragraph |
| | Basis: | 15(A) below and (ii) the period from and |
| | | including 20th February 2009 up to and |
| | | including the Maturity Date (the Second |
| | | Floating Rate Period) in accordance with |
| | | paragraph 15(B) below. For the avoidance |
| | | of doubt, no interest shall accrue or be |
| | | payable for the period from and including |
| | | 20th May 2008 to but excluding 20th |
| | | February 2009. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 8. | Issue Date: | 20th May, 2005. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 9. | Specified Denominations: | EUR1,000,000 |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 10. | (i) | Issue Price: | 100 per cent. of the Aggregate Nominal |
| | | | Amount of the Notes. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ii) | Net Proceeds: | EUR25,000,000 |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| 11. | Interest Commencement Date: | 20th May, 2005. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 12. | Maturity Date: | 20th May, 2020. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 13. | Final Redemption Amount: | 100 per cent of the Aggregate Nominal |
| | | Amount of the Notes. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 14. | Fixed Rate Note Provisions: | Applicable in respect of the Fixed Rate |
| | | Period only. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| | (i) | Fixed Interest Date | The Fixed Interest Date shall be 20th |
| | | (Fixed Rate Notes): | May, 2006. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ii) | Fixed Rate of | The Fixed Rate of Interest shall be 4.00 |
| | | Interest (Fixed Rate | per cent per annum payable in arrear on |
| | | Notes): | the Fixed Interest Date. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iii) | Day Count Fraction: | 30/360. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iv) | Determination | Not Applicable. |
| | | Date(s) (Fixed Rate | |
| | | Notes): | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (v) | Any other | Not Applicable. |
| | | formula/basis of | |
| | | determining amount | |
| | | payable: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| 15. | Floating Rate Note Provisions: | Applicable in respect of the CMS Period |
| | | and the Second Floating Rate Period only, |
| | | provided that the Interest Amount shall |
| | | be an amount calculated in respect of (i) |
| | | the CMS Period, in accordance with the |
| | | formula set out in the Schedule attached |
| | | hereto and (ii) the Second Floating Rate |
| | | Period, in accordance with the provisions |
| | | of paragraph 15(B) below. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 15(A). | CMS Period: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| | (i) | Interest Payment | The Interest Payment Dates shall be |
| | | Dates: | 20th May in each year from and including |
| | | | 20th May, 2007 to and including 20th May |
| | | | 2008. For the avoidance of doubt, the |
| | | | amount of interest payable on any |
| | | | Interest Payment Date shall be determined |
| | | | by reference to the Interest Payment |
| | | | Dates without regard to any adjustment |
| | | | for non-Business Days. No interest shall |
| | | | be payable from and including 20th May |
| | | | 2008 to but excluding 20th February 2009. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ii) | Applicable Business | Not Applicable. |
| | | Day Convention: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iii) | Applicable Business | A day on which the TARGET System is open. |
| | | Day definition (for | |
| | | the purposes of | |
| | | Condition 5(b)(i)): | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iv) | Agent responsible | In respect of the provisions applicable |
| | | for calculating the | to the CMS Period, Bear, Stearns |
| | | principal and/or | International Limited (the Calculation |
| | | interest due: | Agent). |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (v) | ISDA Determination: | Not Applicable. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (vi) | Minimum Rate of | 2.50 per cent. per annum, subject to |
| | | Interest: | paragraph 15(A)(i). |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (vii) | Maximum Rate of | Not Applicable. |
| | | Interest: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (viii) | Day Count Fraction: | 30/360 |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ix) | Fall back | The Conditions apply. |
| | | provisions, | |
| | | rounding provision, | |
| | | denominator and | |
| | | any other terms | |
| | | relating to the | |
| | | method for | |
| | | calculating interest | |
| | | on Floating Rate | |
| | | Notes, if different | |
| | | from those set out | |
| | | in the Conditions: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| 15(B). | Second Floating Rate Period: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| | (i) | Interest Payment | The Interest Payment Dates shall be 20th |
| | | Dates: | February, 20th May, 20th August and 20th |
| | | | November in each year from and including |
| | | | 20th May, 2009 to and including the |
| | | | Maturity Date subject to adjustment in |
| | | | accordance with the Applicable Business |
| | | | Day Convention. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ii) | Interest Period: | In respect of the first Interest Period |
| | | | the period from and including 20th |
| | | | February 2009 to but excluding the first |
| | | | Interest Payment Date and each successive |
| | | | period from and including an Interest |
| | | | Payment Date to but excluding the next |
| | | | succeeding Interest Payment Date. For the |
| | | | avoidance of doubt, each Interest Period |
| | | | shall be subject to adjustment as a |
| | | | result of adjustment to the applicable |
| | | | Interest Payment Date. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iii) | Applicable Business | Modified Following Business Day |
| | | Day Convention: | Convention. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (iv) | Applicable Business | A day on which Trans-European Automated |
| | | Day definition (for | Real-Time Gross Settlement Express |
| | | the purposes of | Transfer (TARGET) System which utilises a |
| | | Condition 5(b)(i)): | single shared platform and which was |
| | | | established on 19 November 2007, or any |
| | | | successor thereto (the TARGET2 System) is |
| | | | open. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (v) | Agent responsible | The Bank of New York Mellon (the |
| | | for calculating the | Calculation Agent). Paragraph 3 of the |
| | | principal and/or | Schedule shall apply to the Calculation |
| | | interest due: | Agent in respect of the Second Floating |
| | | | Rate Period. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (vi) | ISDA Determination: | Not Applicable. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (vii) | Screen Rate | Applicable. |
| | | Determination: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (viii) | Reference Rate: | 3 months EUR-EURIBOR-Reuters (as defined |
| | | | in the 2006 ISDA Definitions) |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (ix) | Margin: | Plus 1.05 per cent. per annum. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (x) | Interest | Two Business Days before the commencement |
| | | Determination Date: | of each Interest Period, and for the |
| | | | avoidance of doubt, in respect of the |
| | | | first Interest Payment Date, two Business |
| | | | Days before 20th February 2009. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (xi) | Relevant Screen | Reuters Screen EURIBOR01 |
| | | Page: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (xii) | Minimum Rate of | 2.50 per cent. per annum. |
| | | Interest: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (xiii) | Maximum Rate of | Not Applicable. |
| | | Interest: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (xiv) | Day Count Fraction: | Actual/360 |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| | (xv) | Fall back | The Conditions apply. |
| | | provisions, | |
| | | rounding provision, | |
| | | denominator and | |
| | | any other terms | |
| | | relating to the | |
| | | method for | |
| | | calculating interest | |
| | | on Floating Rate | |
| | | Notes, if different | |
| | | from those set out | |
| | | in the Conditions: | |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
| PROVISIONS RELATING TO REDEMPTION |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 16. | Issuer's Optional Redemption: | No. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 17. | Redemption at the Option of | No. |
| | the Noteholders: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 18. | Early Redemption Amounts | The Early Redemption Amount of the Notes |
| | payable on redemption for | payable on redemption for tax reasons or |
| | taxation reasons or following | following an Event of Default shall be an |
| | an Event of Default and/or the | amount, as determined by the Calculation |
| | method of calculating the same | Agent in its sole and absolute |
| | (if required or if different | discretion, equal to the market value of |
| | from that set out in Condition | the Notes on the date of redemption, |
| | 7(e)): | adjusted to account fully for any losses, |
| | | expenses and costs to the Issuer (or any |
| | | of its affiliates) of unwinding any |
| | | underlying or related hedging and funding |
| | | arrangements, including (without |
| | | limitation) any options, in each case as |
| | | notified to the Calculation Agent by the |
| | | Issuer. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| GENERAL PROVISIONS APPLICABLE TO THE NOTES |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 19. | Definition of Payment Business | Condition 6(c). |
| | Day if different from | |
| | Condition 6(c): | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 20. | Talons for future Coupons or | No. |
| | Receipts to be attached to | |
| | Definitive Notes (and dates on | |
| | which such Talons mature): | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 21. | Where applicable, whether | Permanent Bearer Global Note. |
| | interests in the Temporary | |
| | Bearer Global Note are | |
| | exchangeable for interests in | |
| | the Permanent Bearer Global | |
| | Note and/or Definitive Bearer | |
| | Notes and in the case of | |
| | Definitive Bearer Notes, the | |
| | notice period required and | |
| | whether interests in | |
| | Registered Global Notes are | |
| | exchangeable for Definitive | |
| | Registered Notes: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 22. | Other terms or special | The aggregate nominal amount of the Notes |
| | Conditions, including whether | which may be issued under the Programme |
| | Redenomination applies: | was increased, effective as of 20th |
| | | January, 2005, from U.S.$10,000,000,000 |
| | | to U.S.$15,000,000,000 pursuant to the |
| | | terms of the Dealer Agreement (as defined |
| | | in the Trust Deed) and a notification |
| | | given in accordance therewith dated |
| | | 14th January, 2005. The Issuer intends to |
| | | produce a Supplemental Offering Circular |
| | | in connection with such increase and |
| | | submit such Supplemental Offering |
| | | Circular for approval to each of the UK |
| | | Listing Authority, London Stock Exchange |
| | | plc and the Listing Committee of The |
| | | Stock Exchange of Hong Kong Limited. For |
| | | the purposes of the Notes, references to |
| | | the aggregate nominal amount of the |
| | | Programme in the Offering Circular dated |
| | | 17th December, 2003, the Supplemental |
| | | Offering Circular dated 9th June, 2004, |
| | | the Dealer Agreement, the Trust Deed, the |
| | | Agency Agreement and any other agreement |
| | | or deed in relation to the Programme |
| | | shall be deemed to be references to the |
| | | aggregate nominal amount of the Programme |
| | | as so increased, or as further increased |
| | | in accordance with the provisions of the |
| | | Dealer Agreement from time to time. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| DISTRIBUTION |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| 23. | Additional transfer | Not Applicable. |
| | restrictions: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 24. | Additional selling | Italy: |
| | restrictions: | The |
| | | offering |
| | | of the |
| | | Notes |
| | | has not |
| | | been |
| | | cleared |
| | | by |
| | | CONSOB |
| | | (the |
| | | Italian |
| | | Securities |
| | | Exchange |
| | | Commission) |
| | | and the |
| | | Bank of |
| | | Italy |
| | | pursuant to |
| | | Italian |
| | | securities |
| | | legislation |
| | | and, |
| | | accordingly, |
| | | no Notes may |
| | | be offered, |
| | | sold or |
| | | delivered, |
| | | nor may |
| | | copies of |
| | | the Offering |
| | | Circular |
| | | or of any |
| | | other |
| | | document |
| | | relating to |
| | | the Notes be |
| | | distributed |
| | | in the |
| | | Republic of |
| | | Italy, |
| | | except: |
| | | (i) to |
| | | professional |
| | | investors |
| | | (operatori |
| | | qualificati), |
| | | as defined in |
| | | Article 31, |
| | | second |
| | | paragraph, of |
| | | CONSOB |
| | | Regulation |
| | | No. 11522 of |
| | | 1st July, |
| | | 1998, as |
| | | amended; or |
| | | (ii)in |
| | | circumstances |
| | | which ere |
| | | exempted from |
| | | the rules on |
| | | solicitation |
| | | of |
| | | investments |
| | | pursuant to |
| | | Article 100 |
| | | of |
| | | Legislative |
| | | Decree No. 58 |
| | | of |
| | | 24th February, |
| | | 1998 (the |
| | | Financial |
| | | Services Act) |
| | | and Article |
| | | 33, first |
| | | paragraph, of |
| | | CONSOB |
| | | Regulation No. |
| | | 11971 of 14th |
| | | May, 1999, as |
| | | amended. |
| | | Any offer, |
| | | sale or |
| | | delivery of |
| | | the Notes or |
| | | distribution |
| | | of copies of |
| | | the Offering |
| | | Circular or |
| | | any other |
| | | document |
| | | relating to |
| | | the Notes in |
| | | the Republic |
| | | of Italy under |
| | | (i) or (ii) |
| | | above must be: |
| | | (a)made by an |
| | | investment |
| | | firm, bank or |
| | | financial |
| | | intermediary |
| | | permitted to |
| | | conduct such |
| | | activities in |
| | | the Republic |
| | | of Italy in |
| | | accordance |
| | | with the |
| | | Financial |
| | | Services Act |
| | | and |
| | | Legislative |
| | | Decree No. 385 |
| | | of |
| | | 1st September, |
| | | 1993 (the |
| | | Banking Act), |
| | | as amended; |
| | | and |
| | | (b)in |
| | | compliance |
| | | with Article |
| | | 129 of the |
| | | Banking Act |
| | | and the |
| | | implementing |
| | | guidelines of |
| | | the Bank of |
| | | Italy pursuant |
| | | to which the |
| | | issue or |
| | | the offer of |
| | | securities in |
| | | the Republic |
| | | of Italy may |
| | | need to be |
| | | preceded and |
| | | followed by an |
| | | appropriate |
| | | notice to be |
| | | filed with the |
| | | Bank of Italy |
| | | depending, |
| | | inter alia, on |
| | | the aggregate |
| | | value of the |
| | | securities |
| | | issued or |
| | | offered in the |
| | | Republic of |
| | | Italy and |
| | | their |
| | | characteristics; |
| | | and |
| | | (c) in |
| | | accordance with |
| | | any other |
| | | applicable laws |
| | | and regulations. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 25. | Method of distribution: | Non-Syndicated. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 26. | (a)If | Bear, Stearns International Limited. |
| | syndicated, | |
| | names of | |
| | Managers | |
| | and, if | |
| | non-syndicated, | |
| | name of Dealer: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| | (b)Assumption | Yes. |
| | that Dealer | |
| | is selling as | |
| | principal for | |
| | its own | |
| | account, and | |
| | not as agent, | |
| | is correct: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 27. | Notes | The Notes have been admitted to the |
| | to be | official list maintained by the UK |
| | listed | Listing Authority and admitted to trading |
| | on a | on London Stock Exchange plc. |
| | Stock | |
| | Exchange: | |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 28. | Delivery: | Delivery against payment. |
+-----------------------------------------------+------------------------------------------------------+-------------------------------------------------------+
| 29. | Noteholders' | By |
| | Representations: | purchasing |
| | | the Notes, |
| | | the |
| | | Noteholder |
| | | represents |
| | | and agrees |
| | | that: |
| | | (a)it has |
| | | sufficient |
| | | knowledge |
| | | and |
| | | experience |
| | | and has |
| | | taken such |
| | | professional |
| | | advice and |
| | | has |
| | | independently |
| | | obtained such |
| | | information |
| | | as it thinks |
| | | necessary to |
| | | make its own |
| | | evaluation of |
| | | the merits |
| | | and risks |
| | | involved in |
| | | purchasing |
| | | the Notes and |
| | | in making an |
| | | investment of |
| | | this type; |
| | | (b)it |
| | | understands |
| | | and agrees |
| | | that the |
| | | Issue Price |
| | | may include |
| | | an amount |
| | | related to |
| | | hedging |
| | | arrangements |
| | | entered into |
| | | by the Issuer |
| | | and one of |
| | | its |
| | | affiliates |
| | | and the Notes |
| | | may be |
| | | re-sold in |
| | | the future at |
| | | prices which |
| | | may be |
| | | greater or |
| | | less than |
| | | such price; |
| | | (c) The |
| | | Noteholder |
| | | acknowledges |
| | | that, |
| | | in acting |
| | | hereunder, |
| | | the |
| | | Calculation Agent |
| | | is acting as |
| | | agent of the |
| | | Issuer and such |
| | | entity shall not |
| | | thereby assume |
| | | any obligations |
| | | towards or |
| | | relationship of |
| | | agency or trust |
| | | for or with the |
| | | Noteholder; and |
| | | (d)it understands |
| | | that although |
| | | long term debt of |
| | | the Issuer has |
| | | been rated "Aa3" |
| | | by Moody's |
| | | Investors |
| | | Service, Inc., |
| | | "A+" by Standard |
| | | and Poor's |
| | | Ratings Services |
| | | and "AA-" by |
| | | Fitch Ratings |
| | | Limited, such |
| | | ratings would not |
| | | necessarily apply |
| | | to the Notes if |
| | | they were rated. |
+-----------------------------------------------+-------------------------------+----------------------+-------------------------------------------------------+
_______________________________________________________________________________
_______________
Euroclear and Clearstream, Luxembourg Common Code: 022015150 ISIN: XS0220151509
_______________________________________________________________________________
_______________
For and on behalf of The Bear Stearns Companies LLC
By: ...........................................
AUTHORISED SIGNATORY
SCHEDULE
1.Interest Amount
For the purposes of paragraph 15(A) of the Pricing Supplement, in respect of
each Interest Period during the CMS Period, the Interest Amount payable on each
Note on each Interest Payment Date shall be an amount determined by the
Calculation Agent acting in good faith and in its sole and absolute discretion
in accordance with the following formula.
Interest Amount = Specified Denomination x Max [4.71 x CMS Spread, 2.5%] x Day
Count Fraction
2.Definitions
For the purposes of this Amended and Restated Pricing Supplement, the following
definitions shall apply:
2yrCMS means the annual swap rate for euro swap transactions with a maturity of
two years, expressed as a percentage, appearing on Reuters Screen ISDAFIX2 Page
under the heading "EURIBOR BASIS - Ref Banks" and above the caption "11:00 AM
FRANKFURT" as of 11.00 a.m. Frankfurt time on the day that is two Business Days
preceding the first day of the relevant Interest Period. If such rate does not
appear on Reuters Screen ISDAFIX2 Page, the applicable rate will be determined
by the Calculation Agent in its sole and absolute discretion by reference to
"EUR-Annual Swap Rate-Reference Banks" (as defined in the ISDA Definitions) (as
defined in Condition 5(b)(iii)).
10yrCMS means the annual swap rate for euro swap transactions with a maturity of
ten years, expressed as a percentage, appearing an Reuters Screen ISDAFIX2 Page
under the heading "EURIBOR BASIS - Ref Banks" and above the caption "11:00 AM
FRANKFURT" as of 11.00 a.m. Frankfurt time on the day that is two Business Days
preceding the first day of the relevant Interest Period. If such rate does not
appear on Reuters Screen ISDAFIX2 Page, the applicable rate will be determined
by the Calculation Agent in its absolute discretion by reference to "EUR-Annual
Swap Rate-Reference Banks" (as defined in the ISDA Definitions) (as defined in
Condition 5(b)(iii)).
CMS Spread means the result of l0yrCMS minus 2yrCMS, determined in the sole and
absolute discretion of the Calculation Agent.
3.Calculation Agent
(a)The Calculation Agent will cause the Interest Amount in respect of each
Interest Period to be notified to the Issuer and the Agent and notice thereof to
be published in accordance with Condition 15 as soon as possible after its
determination but in no event later than the Business Day thereafter.
(b)All certificates, communications, opinions, determinations, calculations,
quotations and decisions given, expressed, made or obtained for the purposes of
the provisions of this Amended and Restated Pricing Supplement and the
Conditions by the Calculation Agent shall (in the absence of wilful default, bad
faith or manifest error) be binding on the Issuer, the Agent, the Calculation
Agent and the Noteholder and (in the absence as aforesaid) no liability to the
Issuer or the Noteholder shall attach to the Calculation Agent in connection
with the exercise or non-exercise by it of its powers, duties and discretions
pursuant to such provisions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DOCUUUUAWUPBGAA
Investec Bnk 23 (LSE:73MF)
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Investec Bnk 23 (LSE:73MF)
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