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Barclays to price 19.125% reverse convertibles linked to General Motors
By E. Janene Geiss
Philadelphia, April 28 - Barclays Bank plc plans to price 19.125% annualized reverse convertible notes due Nov. 5, 2008 linked to the common stock of General Motors Corp., 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 declines by more than 50% during the life of the notes and the final share price is less than 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 or, at Barclays' option, the equivalent cash value.
The notes will price on May 2 and settle on May 7.
Barclays Capital Inc. will be the agent.
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