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Barclays to price 13.1% reverse convertibles linked to General Motors
By Laura Lutz
Washington, Dec. 4 - Barclays Bank plc plans to price an issue of 13.1% reverse convertible notes due Dec. 27, 2007 linked to the common stock of General Motors Corp., according to an FWP filling with the Securities and Exchange Commission.
Interest will be paid monthly
At maturity, investors will receive par unless GM stock falls below the knock-in price - 60% 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 GM shares equal to $1,000 divided by the initial share price.
The notes will price on Dec. 21 and settle on Dec. 27.
Barclays Capital will be the agent.
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