Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.5% reverse convertibles linked to Green Mountain
New York, April 29 - Barclays Bank plc priced $1 million of 10.5% reverse convertible notes due Oct. 29, 2010 linked to Green Mountain Coffee Roasters, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Green Mountain shares fall below the protection price of $67.94, 80% of the initial price of $84.92, during the life of the notes and finish below the initial price in which case the payout will be 11.775789 shares of Green Mountain stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Green Mountain Coffee Roasters, Inc. (Symbol: GMCR)
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Amount: | $1 million
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Maturity: | Oct. 29, 2010
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Green Mountain shares fall below the protection price of $67.94, 80% of the initial price, and finish below the initial price, in which case 11.775789 shares of Green Mountain stock
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Initial price: | $84.92
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Protection price: | $67.94, 80% of $84.92
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Exchange ratio: | 11.775789
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740LGX7
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