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Barclays to price 10% reverse convertibles linked to Archer-Daniels-Midland
By E. Janene Geiss
Philadelphia, Dec.1 - Barclays Bank plc plans to price an issue of 10% reverse convertible notes due Dec. 12, 2007 linked to the common stock of Archer-Daniels-Midland Co.
Interest will be paid monthly.
At maturity, investors will receive par unless Archer-Daniels-Midland stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Archer-Daniels-Midland shares equal to $1,000 divided by the initial share price.
The notes will price on Dec. 7 and settle on Dec. 12.
Barclays Capital will be the agent.
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