New Issue: Barclays prices $2 million 14% reverse convertibles linked to Valero Energy

New York, June 16 - Barclays Bank plc priced $2 million of 14% reverse convertible notes due Dec. 17, 2008 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Valero Energy shares fall below the protection price of $31.39, 70% of the initial price of $44.84, during the life of the notes and finishes below the initial price in which case the payout will be 22.301517 shares of Valero Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp. (Symbol: VLO)
Amount:	$2 million
Maturity:	Dec. 17, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy stock falls below the protection price of $31.39, 70% of the initial price, and finishes below the initial price, in which case 22.301517 shares of Valero Energy stock
Initial price:	$44.84
Protection price:	$31.39, 70% of $44.84
Exchange ratio:	22.301517
Pricing date:	June 13
Settlement date:	June 18
Agent:	Barclays Capital
Fees:	2%

© 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.