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Barclays to price 10.25% reverse convertibles linked to Oracle
By Laura Lutz
Des Moines, Nov. 8 - Barclays Bank plc plans to price 10.25% reverse convertible notes due May 30, 2008 linked to the common stock of Oracle 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 Oracle stock falls below the knock-in price - 80% 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 Oracle shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Nov. 27 and settle on Nov. 30.
Barclays Capital is the underwriter.
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