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Barclays plans 9.75% autocallable reverse convertibles on Facebook
By Marisa Wong
Madison, Wis., May 1 - Barclays Bank plc plans to price 9.75% single observation autocallable reverse convertible notes due May 7, 2015 linked to Facebook Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Facebook shares close at or above the initial share price on any quarter review date.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 70% protection level, in which case the payout will be a number of Facebook shares equal to $1,000 divided by the initial share price or the cash value of those shares.
Barclays is the agent.
The notes will price May 5 and settle May 8.
The Cusip number is 06741J7N3.
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