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Barclays plans issue of 10.75% reverse convertibles linked to Schlumberger
By Jennifer Chiou
New York, Sept. 5 - Barclays Bank plc plans to price an issue of 10.75% reverse convertible notes due Sept. 21, 2007 linked to Schlumberger NV stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Schlumberger stock finishes below the initial price and falls below the protection price, 75% of the initial share price, between Sept. 15, 2006 and Sept. 14, 2007, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. will be the agent.
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