By Angela McDaniels
Tacoma, Wash., Oct. 21 - Barclays Bank plc priced an additional $5 million of 13.5% reverse convertible notes due Sept. 29, 2010 linked to the common stock of Weatherford International Ltd. on Oct. 21, according to a 424B3 filing with the Securities and Exchange Commission.
The original $1 million of notes priced on Sept. 25, and another $5 million priced on Oct. 8. The total issue size is now $11 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless Weatherford shares fall below 70% 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 Weatherford 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: | Weatherford International Ltd. (Symbol: WFT)
|
| Amount: | $11 million, increased from $1 million
|
| Maturity: | Sept. 29, 2010
|
| Coupon: | 13.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Weatherford shares fall below protection price during life of notes and finish below initial price, in which case 48.520136 shares of Weatherford stock
|
| Initial share price: | $20.61
|
| Protection price: | $14.43, 70% of initial price
|
| Exchange ratio: | 48.520136
|
| Pricing dates: | Sept. 25 for $1 million; Oct. 7 for $5 million; Oct. 21 for $5 million
|
| Settlement dates: | Sept. 30 for $1 million; Oct. 8 for $5 million; Oct. 22 for $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
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