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Barclays to price 16.5% reverse convertibles linked to Titanium Metals
By E. Janene Geiss
Philadelphia, Feb. 5 - Barclays Bank plc plans to price reverse convertible notes due Aug. 26, 2008 linked to the common stock of Titanium Metals Corp., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 8.25% for an annualized rate of 16.5%. Interest will be payable monthly.
If Titanium Metals stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Titanium Metals shares equal to par divided by the initial share price, or the equivalent cash value, at the company's option.
Otherwise, the payout will be par.
The notes are expected to price on Feb. 26 and settle on Feb. 29.
Barclays Capital is the agent.
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