New Issue: Barclays prices $0.5 million 11.25% reverse convertibles linked to Superior Energy

New York, May 27 - Barclays Bank plc priced $0.5 million of 11.25% reverse convertible notes due May 27, 2011 linked to Superior Energy Services, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Superior Energy shares fall below the protection price of $17.70, 80% of the initial price of $22.13, during the life of the notes and finish below the initial price in which case the payout will be 45.187528 shares of Superior Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Superior Energy Services, Inc. (Symbol: SPN)
Amount:	$0.5 million
Maturity:	May 27, 2011
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Superior Energy shares fall below the protection price of $17.70, 80% of the initial price, and finish below the initial price, in which case 45.187528 shares of Superior Energy stock
Initial price:	$22.13
Protection price:	$17.70, 80% of $22.13
Exchange ratio:	45.187528
Pricing date:	May 25
Settlement date:	May 28
Agent:	Barclays Capital
Fees:	2.1%
Cusip:	06740LRH0

© 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.