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Barclays to price 9.875% reverse convertibles linked to Las Vegas Sands
By Jennifer Chiou
New York, May 17 - Barclays Bank plc plans to price 9.875% reverse convertible notes due Nov. 28, 2007 linked to the common stock of Las Vegas Sands Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The payout at maturity will be par unless Las Vegas Sands stock declines by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.
The notes are expected to price on May 24 and settle on May 31.
Barclays Capital will be the agent.
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