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Barclays to price 8.75% reverse convertibles linked to Baker Hughes
New York, Feb. 8 - Barclays Bank plc plans to price 8.75% reverse convertible notes due Feb. 25, 2011 linked to Baker Hughes Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Baker Hughes shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Baker Hughes shares equal to $1,000 divided by the initial price.
The notes are expected to price on Feb. 23 and settle on Feb. 26.
Barclays Capital is the agent.
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