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Barclays to price 10.75% reverse convertibles linked to Devon Energy
New York, May 15 - Barclays Bank plc plans to price 10.75% reverse convertible notes due May 28, 2010 linked to Devon Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Devon Energy 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 Devon Energy shares equal to $1,000 divided by the initial price.
The notes are expected to price on May 26 and settle on May 29.
Barclays Capital is the agent.
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