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Barclays to price 10% reverse convertibles linked to Lockheed Martin
New York, April 1 - Barclays Bank plc plans to price 10% reverse convertible notes due Oct. 14, 2009 linked to Lockheed Martin Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Lockheed Martin shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Lockheed Martin shares equal to $1,000 divided by the initial price.
The notes are expected to price on April 8 and settle on April 14.
Barclays Capital is the agent.
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