By Angela McDaniels
Tacoma, Wash., Nov. 25 - Barclays Bank plc priced $1 million of buffered reverse convertible notes due Feb. 26, 2010 linked to the common stock of Terex Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes carry an annualized coupon of 15.75%. Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than 90% of the initial price, in which case the payout will be $100 in cash plus a number of Terex shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered reverse convertible notes
|
| Underlying stock: | Terex Corp. (Symbol: TEX)
|
| Amount: | $1 million
|
| Maturity: | Feb. 26, 2010
|
| Coupon: | 15.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than protection price, 50.684237 Terex shares plus $100 in cash; otherwise, par
|
| Initial share price: | $19.73
|
| Protection price: | $17.76, 90% of initial price
|
| Pricing date: | Nov. 23
|
| Settlement date: | Nov. 30
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
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