By Angela McDaniels
Tacoma, Wash., Dec. 17 - Barclays Bank plc priced an additional $10 million of 10.25% reverse convertible notes due Nov. 26, 2010 linked to the common stock of Baker Hughes Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The original $2 million of notes priced Nov. 23. The total issue size is now $12 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless Baker Hughes shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Baker Hughes stock equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Baker Hughes Inc. (Symbol: BHI)
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Amount: | $12 million, increased from $2 million
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Maturity: | Nov. 26, 2010
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Baker Hughes shares fall below the protection price during the life of the notes and finish below the initial price, in which case 24.408103 shares of Baker Hughes stock
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Initial share price: | $40.97
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Protection price: | $30.73, 75% of initial price
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Pricing dates: | Nov. 23 for $2 million; Dec. 16 for $10 million
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Settlement dates: | Nov. 30 for $2 million; Dec. 17 for $10 million
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Agent: | Barclays Capital Inc.
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Fees: | 2.5%
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