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Barclays to price 19.5% reverse convertibles linked to Elan
By Susanna Moon
Chicago, Oct. 10 - Barclays Bank plc plans to price 19.5% reverse convertible notes due Oct. 29, 2008 linked to Elan Corp., plc common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls below the knock-in price - 65% 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 Elan shares equal to $1,000 divided by the initial share price.
The notes will price on Oct. 26 and settle on Oct. 31.
Barclays Capital is the agent.
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