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Barclays plans issue of 8% reverse convertibles linked to Costco
By Jennifer Chiou
New York, Sept. 14 - Barclays Bank plc plans to price an issue of 8% reverse convertible notes due Sept. 28, 2007 linked to Costco Wholesale Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Costco stock finishes below the initial price and falls below the protection price, 80% of the initial share price, between Sept. 22, 2006 and Sept. 21, 2007, in which case the payout will be a number of Costco shares equal to $1,000 divided by the initial share price.
The notes will price on Sept. 22 and settle on Sept. 29.
Barclays Capital Inc. will be the agent.
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