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Barclays to price 17% six-month reverse convertibles linked to General Motors
By E. Janene Geiss
Philadelphia, May 3 - Barclays Bank plc plans to price an issue of 8.5% (17% annual equivalent) reverse convertible notes due Nov. 28, 2007 linked to General Motors Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless General Motors stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
The notes will price May 24 and settle May 31.
Barclays Capital will be the agent.
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