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Barclays to price 13.1% reverse convertibles linked to General Motors
By E. Janene Geiss
Philadelphia, Dec. 6 - Barclays Bank plc plans to price an issue of 13.1% reverse convertible notes due Dec. 27, 2007 linked to the stock of General Motors Corp.
Interest will be paid monthly.
At maturity, investors will receive par unless General Motors 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 General Motors shares equal to $1,000 divided by the initial share price.
The notes are expected to price Dec. 21 and settle on Dec. 29.
Barclays Capital will be the agent.
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