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Barclays to price 9.25% reverse convertibles linked to Ingersoll-Rand
By Susanna Moon
Chicago, March 28 - Barclays Bank plc plans to price 9.25% reverse convertible notes due April 8, 2009 linked to the common stock of Ingersoll-Rand Co. Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Ingersoll-Rand 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 Ingersoll-Rand shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on April 4 and settle on April 9.
Barclays Capital Inc. is the underwriter.
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