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Barclays to price 18.75% reverse convertibles linked to Basic Energy
New York, May 2 - Barclays Bank plc plans to price 18.75% reverse convertible notes due Nov. 30, 2012 linked to Basic Energy Services, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Basic Energy shares fall below 75% 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 Basic Energy shares equal to $1,000 divided by the initial price.
The notes are expected to price on May 25 and settle on May 31.
Barclays Capital is the agent.
The Cusip number is 06741JC72.
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