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BNP Paribas to price 19% reverse convertibles linked to Peabody Energy
By Jennifer Chiou
New York, July 12 - BNP Paribas plans to price 19% down-and-in reverse convertible notes due Jan. 25, 2007 linked to Peabody Energy Corp. stock, according to a BNP term sheet.
The payout at maturity will be par unless Peabody Energy stock falls below the knock-in level of 75% of its initial price during the life of the notes.
If the knock-in level is hit, payout at maturity is par if the stock closes above its initial price on the valuation date of Jan. 22, 2007. Otherwise, payout is a number of Peabody Energy shares equal to $1,000 divided by the initial share price.
The securities are expected to price on July 21 and settle on July 26.
JVB Financial Group, LLC will be the distributor.
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