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Barclays to price 12.5% reverse convertibles linked to Hess
By Jennifer Chiou
New York, Jan. 10 - Barclays Bank plc plans to price 12.5% annualized reverse convertible notes due July 31, 2008 linked to Hess Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the 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, in which case the payout will be a number of Hess shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
Barclays Capital is the agent.
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