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Barclays to price 8% reverse convertibles linked to Starbucks
By E. Janene Geiss
Philadelphia, May 16 - Barclays Bank plc plans to price 8% reverse convertible notes due May 29, 2009 linked to the common stock of Starbucks 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 Starbucks stock declines by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Starbucks shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.
The notes will price on May 27 and settle on May 30.
Barclays Capital Inc. will be the agent.
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