By Susanna Moon
Chicago, July 7 - Barclays Bank plc priced $2 million of 20% annualized reverse convertible notes due Jan. 7, 2009 linked to the common stock of Gold Fields Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Gold Fields stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Gold Fields shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent amount in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Gold Fields Ltd. (Symbol: GFI)
|
| Amount: | $2 million
|
| Maturity: | Jan. 7, 2009
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Gold Fields stock closes below the protection level during the life of the notes and the final share price is less than the initial share price, 81.103 Gold Fields shares or cash equivalent; otherwise, par
|
| Initial share price: | $12.33
|
| Protection level: | $9.25, or 75% of initial price
|
| Pricing date: | July 3
|
| Settlement date: | July 9
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 0.75%
|
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