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Barclays to price 10.7% reverse convertibles linked to Freeport-McMoRan
New York, June 10 - Barclays Bank plc plans to price 10.7% reverse convertible notes due June 30, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Freeport-McMoRan 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 Freeport-McMoRan shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 25 and settle on June 30.
Barclays Capital is the agent.
The Cusip number is 06740PAB2.
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