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Barclays to price 9.5% reverse convertibles linked to BB&T
By E. Janene Geiss
Philadelphia, May 9 - Barclays Bank plc plans to price 9.5% annualized reverse convertible notes due Nov. 28, 2008 linked to the common stock of BB&T Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless BB&T stock declines by more than 25% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of BB&T shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.
The notes will price on May 27 and settle on May 30.
Barclays Capital Inc. will be the agent.
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