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Barclays to price 12.5% reverse convertibles linked to Toll Brothers
By Angela McDaniels
Seattle, April 5 - Barclays Bank plc plans to price an offering of reverse convertible notes due Oct. 17, 2007 linked to the common stock of Toll Brothers, Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 6.25% for an annualized rate of 12.5%. Interest will be payable monthly.
The payout at maturity will be par unless Toll Brothers stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Toll Brothers shares equal to $1,000 divided by the initial share price.
The notes will price on April 13 and settle on April 18.
Barclays Capital will be the agent.
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