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Barclays to price 19.15% reverse convertibles linked to AK Steel
By Susanna Moon
Chicago, Nov. 16 - Barclays Bank plc plans to price 19.15% annualized reverse convertible notes due May 30, 2008 linked to AK Steel Holding Corp. common 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 AK Steel 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 AK Steel shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 27 and settle on Nov. 30.
Barclays Capital Inc. will be the agent.
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