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Barclays to price 11.75% reverse convertibles linked to SanDisk
By Laura Lutz
Des Moines, July 10 - Barclays Bank plc plans to price an issue of 11.75% reverse convertible notes due Jan. 31, 2008 linked to SanDisk Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless SanDisk stock falls below the knock-in price - 80% 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 SanDisk shares equal to $1,000 divided by the initial share price.
The notes will price on July 25 and settle on Aug. 6.
Barclays Capital will be the agent.
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