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Barclays to price 13.25% reverse convertibles linked to Washington Mutual via LaSalle
By Laura Lutz
Des Moines, Oct. 22 - Barclays Bank plc plans to price an issue of 13.25% reverse convertible notes due Feb. 6, 2008 linked to Washington Mutual, Inc. stock, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Washington Mutual stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price. In that case, the payout will be a number of Washington Mutual shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 2 and settle on Nov. 7.
LaSalle Financial Services, Inc. will be the lead agent.
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