Published on 2/25/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $6.40 million 15% exchangeables linked to Martha Stewart
New York, Feb. 25 - Barclays Bank plc priced $6.40 million of one-year 15% exchangeable notes linked to Martha Stewart Living Omnimedia, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Exchangeable senior medium-term notes
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Underlying stock: | Martha Stewart Living Omnimedia, Inc.
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Amount: | $6.397 million
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Maturity: | Feb. 28, 2006
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Martha Stewart stock closes lower than initial price of $37.40 and Martha Stewart stock closes below protection level at some point, in which case $1,000/$37.40 shares of Martha Stewart stock
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Protection price: | $18.70, 50% of initial price of $37.40
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Exchange ratio: | $1,000/$37.40
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Exchange price: | $37.40 (initial level of Martha Stewart stock)
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Call: | Non-callable
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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