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Barclays to price 12% reverse convertibles linked to Marathon Oil
New York, July 11 - Barclays Bank plc plans to price 12% reverse convertible notes due July 27, 2009 linked to Marathon Oil Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Marathon Oil shares fall below 70% 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 Marathon Oil 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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