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Barclays plans issue of 15% reverse convertibles linked to GM
By Angela McDaniels
Seattle, Sept. 12 - Barclays Bank plc plans to price an issue of 15% reverse convertible notes due March 30, 2007 linked to the common stock of General Motors Corp., according to an FWP filing with the Securities and Exchange Commission.
The settlement date will be Sept. 29.
Interest will be payable quarterly.
Payout at maturity will be par unless General Motors stock finishes below the initial share price and falls below the protection price, 65% of the initial share price, between Sept. 26 and March 27, 2007, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. will be the agent.
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