Barclays to price callable contingent coupon notes linked to lululemon

By Jennifer Chiou

New York, Feb. 21 - Barclays Bank plc plans to price callable contingent coupon notes due March 3, 2016 linked to the common stock of lululemon athletica inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a coupon of 3.125% (equivalent to 12.5% per year) each quarter if the closing price of lululemon shares is greater than or equal to the barrier price, expected to be 69% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.

The notes are callable on any quarterly contingent coupon payment date at par plus the contingent coupon, if any.

If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to the barrier price. If the final share price is less than the barrier price, investors will receive a number of lululemon shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.

The exact terms will be set at pricing.

The notes (Cusip: 06741J6P9) are expected to price on Feb. 27 and settle on March 4.

Barclays is the agent.

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