Published on 6/10/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7 million 20% reverse convertibles linked to Evergreen Solar
New York, June 10 - Barclays Bank plc priced $7 million of 20% reverse convertible notes due Dec. 10, 2008 linked to Evergreen Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Evergreen Solar shares fall below the protection price of $5.89, 60% of the initial price of $9.82, during the life of the notes and finishes below the initial price in which case the payout will be 101.832994 shares of Evergreen Solar stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Evergreen Solar, Inc. (Symbol: ESLR)
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Amount: | $7 million
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Maturity: | Dec. 10, 2008
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Evergreen Solar stock falls below the protection price of $5.89, 60% of the initial price, and finishes below the initial price, in which case 101.832994 shares of Evergreen Solar stock
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Initial price: | $9.82
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Protection price: | $5.89, 60% of $9.82
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Exchange ratio: | 101.832994
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Pricing date: | June 6
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Settlement date: | June 11
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Agent: | Barclays Capital
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Fees: | 1.75%
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