New Issue: Barclays prices $300,000 12.5% reverse convertibles linked to Lorillard

New York, March 7 - Barclays Bank plc priced $300,000 of 12.5% reverse convertible notes due Sept. 9, 2011 linked to Lorillard, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Lorillard shares fall below the protection price of $54.09, 70% of the initial price of $77.27, during the life of the notes and finish below the initial price in which case the payout will be 12.941633 shares of Lorillard stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Lorillard, Inc. (Symbol: LO)
Amount:	$300,000
Maturity:	Sept. 9, 2011
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Lorillard shares fall below the protection price of $54.09, 70% of the initial price, and finish below the initial price, in which case 12.941633 shares of Lorillard stock
Initial price:	$77.27
Protection price:	$54.09, 70% of $77.27
Exchange ratio:	12.941633
Pricing date:	March 3
Settlement date:	March 8
Agent:	Barclays Capital
Fees:	1%
Cusip:	06741JFD6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.