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Barclays to price 18% reverse convertibles linked to Vertex
By Susanna Moon
Chicago, Nov. 5 - Barclays Bank plc plans to price an issue of 18% reverse convertible notes due May 21, 2008 linked to Vertex Pharmaceuticals Inc. common stock, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Vertex stock falls below the knock-in price - 70% 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 Vertex shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 16 and settle on Nov. 21.
Barclays Capital Inc. will be the agent.
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