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Barclays to price 9.25% reverse convertibles linked to Schlumberger
By E. Janene Geiss
Philadelphia, Feb. 5 - Barclays Bank plc plans to price 9.25% reverse convertible notes due Feb. 27, 2009 linked to the common stock of Schlumberger NV, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Schlumberger 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, the payout at maturity will be a number of Schlumberger shares equal to par divided by the initial share price, or the equivalent cash value, at the company's option.
Otherwise, the payout will be par.
The notes are expected to price on Feb. 26 and settle on Feb. 29.
Barclays Capital is the agent.
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