By Toni Weeks
San Luis Obispo, Calif., Dec. 15 – Barclays Bank plc priced $24.78 million of 11% STEP Income Securities due Dec. 28, 2015 linked to Tenet Healthcare Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the stock finishes at or above the step level – 111% of the initial price – the payout at maturity will be par plus the 4.62% step payment.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Tenet Healthcare Corp. (NYSE: THC)
|
| Amount: | $24,778,020
|
| Maturity: | Dec. 28, 2015
|
| Coupon: | 11%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above the step level, par plus 4.62%; par if stock gains by up to step level; exposure to any losses
|
| Initial price: | $52.03
|
| Step level: | $57.75, 111% of the initial price
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 17
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742Y386
|
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