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Barclays to price 8% reverse convertibles linked to Applied Materials
New York, April 12 - Barclays Bank plc plans to price 8% reverse convertible notes due April 29, 2011 linked to Applied Materials, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Applied Materials shares fall below 80% 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 Applied Materials shares equal to $1,000 divided by the initial price.
The notes are expected to price on April 27 and settle on April 30.
Barclays Capital is the agent.
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