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Barclays plans issue of 13.25% reverse convertibles linked to Sirius Satellite
By Jennifer Chiou
New York, Oct. 17 - Barclays Bank plc plans to price an issue of 13.25% reverse convertible notes due April 30, 2007 linked to Sirius Satellite Radio, Inc. 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 Sirius Satellite stock falls below the protection price, 70% 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 Sirius Satellite shares equal to $1,000 divided by the initial share price.
The notes will price on Oct. 27 and settle on Oct. 31.
Barclays Capital Inc. will be the agent.
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