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Barclays to price 18.5% reverse convertibles linked to NutriSystem
By Jennifer Chiou
New York, Dec. 15 - Barclays Bank plc plans to price an issue of 18.5% reverse convertible notes due July 10, 2007 linked to the common stock of NutriSystem, Inc., according to an FWP filing with the Securities and Exchange Commission.
Pricing will be on Jan. 5, with settlement on Jan. 10.
The six-month notes will pay 9.25% for an annualized rate of 18.5%. Interest will be payable monthly.
The payout at maturity will be par in cash unless NutriSystem stock falls below the protection price - 80% of the initial share price - during the life of the notes and ends below the initial share price, in which case the payout will be a number of NutriSystem shares equal to $1,000 divided by the initial share price.
Barclays Capital will be the agent for the offering.
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