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Barclays to price 14% reverse convertibles linked to Boston Scientific
By E. Janene Geiss
Philadelphia, July 10 - Barclays Bank plc plans to price an issue of reverse convertible notes due Oct. 31, 2007 linked to Boston Scientific Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 3.5% for an annualized rate of 14%. Interest will be payable monthly.
The payout at maturity will be par unless Boston Scientific stock falls below the knock-in price - 85% 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 Boston Scientific shares equal to $1,000 divided by the initial share price.
The notes will price July 25 and settle Aug. 6.
Barclays Capital will be the agent.
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