Published on 3/29/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $3 million 13.25% reverse convertibles linked to SanDisk
New York, March 29 - Barclays Bank plc priced $3 million of 13.25% reverse convertible notes due March 30, 2007 linked to SanDisk Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if SanDisk stock stays at or above the protection price of 70% of the initial price between March 28, 2006 and March 28, 2007 or finishes at or above the $57.44 initial price. Otherwise, the payout will be in SanDisk stock, with the number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
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| Issue: | Reverse convertible notes
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| Underlying stock: | SanDisk Corp.
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| Amount: | $3 million
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| Maturity: | March 30, 2007
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| Coupon: | 13.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash if SanDisk stock stays at or above the protection price of 70% of the initial price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $57.44 shares of SanDisk stock
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| Initial share price: | $57.44
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| Protection price: | 70% of initial price
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Calculation agent: | Barclays Capital
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