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Barclays to price 9.25% reverse convertibles linked to Global Industries
By Laura Lutz
Washington, Feb. 6 - Barclays Bank plc plans to price 9.25% reverse convertible notes due Feb. 27, 2008 linked to the common stock of Global Industries, Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Global Industries stock falls below the knock-in price - 80% 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 Global Industries shares equal to $1,000 divided by the initial share price.
The notes will price on Feb. 23 and settle on Feb. 28.
Barclays Capital will be the agent.
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