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Barclays to price 16% reverse convertibles linked to Frontier Oil
By Susanna Moon
Chicago, May 8 - Barclays Bank plc plans to price 16% annualized reverse convertible notes due Aug. 13, 2008 linked to the common stock of Frontier Oil Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Frontier Oil stock falls below the knock-in price - 70% 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 Frontier Oil shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on May 9 and settle on May 14.
Barclays Capital Inc. is the agent.
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