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Barclays to price 17% reverse convertibles linked to Arch Coal
New York, July 11 - Barclays Bank plc plans to price 17% reverse convertible notes due Jan. 30, 2009 linked to Arch Coal, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Arch Coal shares fall below 60% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Arch Coal shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 28 and settle on July 30.
Barclays Capital is the agent.
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