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Barclays plans issue of 15% reverse convertibles linked to Southwestern Energy
By Jennifer Chiou
New York, Sept. 11 - Barclays Bank plc plans to price an issue of 15% reverse convertible notes due Sept. 28, 2007 linked to Southwestern Energy Co. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Southwestern Energy stock finishes below the initial price and falls below the protection price, 70% of the initial share price, between Sept. 26, 2006 and Sept. 26, 2007, in which case the payout will be a number of Southwestern Energy shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. will be the agent.
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