Offer Period for WestLB 11.11% Carnival Bond Begins
WestLB AG, Düsseldorf/Münster, is issuing an 11.11% reverse convertible bearer bond on European shares (Deutsche Lufthansa AG, Deutsche Telekom AG, Henkel KGaA). The total volume of the issue is € 25 million in denominations of € 1,000. The initial offer price is 100.00%. Payment date is November 14, 2003. The offer period for the Carnival Bond begins today and ends on November 7, 2003.
The bonds will be redeemed at the choice of the issuer on February 25, 2004 either a) at par (scenario A) or b) by delivery of shares of the respective underlying at the relevant strike price per bond with a principal amount of € 1,000 (scenario B).
The issuer will repay in shares if the closing price of at least one of the shares is quoted below the relevant strike price at the determination date (February 18, 2004). The issuer will deliver the share which is quoted below its strike price. If more than one share is quoted below its strike price at the determination date, the issuer will deliver the share whose closing price at the determination date has fallen deeper below the relevant strike price in percentage terms. The determination of the relevant strike prices will take place on November 10, 2003 based on the closing prices of the respective shares at 4.30 p.m.
The bearer bond will be listed on the Düsseldorf, Frankfurt and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr").