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Barclays plans issue of 11.25% reverse convertibles linked to MGM Mirage
By Angela McDaniels
Seattle, Aug. 9 - Barclays Bank plc plans to price an issue of 11.25% reverse convertible notes due Aug. 18, 2007 linked to MGM Mirage stock, according to an FWP filing with the Securities and Exchange Commission.
The issue date will be Aug. 18.
Interest will be payable monthly.
At maturity, investors will receive par unless MGM Mirage stock finishes below the initial price and falls below the protection level, 75% of the initial share price, between Aug. 16, 2006 and Aug. 16, 2007, in which case the payout will be $1,000 divided by the initial share price.
Barclays Capital will be the underwriter.
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