By Susanna Moon
Chicago, May 20 - Barclays Bank plc sold another $10 million of 9% reverse convertible notes due March 30, 2011 based on the performance of Baker Hughes Inc. shares, according to a 424B3 filing with the Securities and Exchange Commission.
This brings the total deal size to $14 million, up from $4 million.
The payout at maturity will be par in cash unless the stock falls below the protection price - 80% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Baker Hughes shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Baker Hughes Inc. (Symbol: BHI)
|
| Amount: | $14 million, up from $4 million
|
| Maturity: | March 30, 2011
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless the stock falls below protection price and finishes below initial price, in which case 22.286606 Baker Hughes shares
|
| Initial price: | $44.87
|
| Protection price: | $35.90, or 80% of initial price
|
| Exchange ratio: | 22.286606
|
| Pricing dates: | March 26 for $4 million; May 20 for $10 million
|
| Settlement dates: | March 31 for $4 million; May 21 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740JY95
|
© 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.
