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Barclays to price 20% reverse convertibles linked to First Solar
By Laura Lutz
Des Moines, April 9 - Barclays Bank plc plans to price 20% reverse convertible notes due July 30, 2008 linked to the common stock of First Solar, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If First Solar stock falls below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of First Solar shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on April 25 and settle on April 30.
Barclays Capital Inc. is the underwriter.
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