By Susanna Moon
Chicago, March 7 - Barclays Bank plc priced another $5 million of 12.5% reverse convertible notes due Aug. 26, 2011 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $6.5 million, up from $1.5 million.
The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
|
| Amount: | $6.5 million, up from $1.5 million
|
| Maturity: | Aug. 26, 2011
|
| Coupon: | 12.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Las Vegas Sands shares fall below the protection price and finish below the initial price, in which case 22.050717 shares of Las Vegas Sands stock
|
| Initial price: | $45.35
|
| Protection price: | $36.28, 80% of initial price
|
| Exchange ratio: | 22.050717
|
| Pricing date: | Feb. 23
|
| Settlement dates: | Feb. 28 for $1.5 million; March 8 for $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
| Cusip: | 06741JDN6
|
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