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Barclays to price 9% reverse convertible notes linked to Baker Hughes
By E. Janene Geiss
Philadelphia, June 11 - Barclays Bank plc plans to price an offering of reverse convertible notes due Dec. 27, 2007 linked to the common stock of Baker Hughes Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 4.5% for an annualized rate of 9%. Interest will be payable monthly.
The payout at maturity will be par unless Baker Hughes stock falls by more than 15% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Baker Hughes shares equal to $1,000 divided by the initial share price.
The notes will price June 26 and settle June 29.
Barclays Capital will be the agent.
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