By Angela McDaniels
Tacoma, Wash., Oct. 24 – Barclays Bank plc priced $37 million of 8% notes due Oct. 28, 2015 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The face amount of each note is $51.61, which is equal to the initial share price.
Interest is payable monthly.
If the final share price is less than the lower strike price, 82.5% of the initial share price, the payout at maturity will be $37.1862 per note. This amount is equal to 87.33624% of the lower strike price.
If the final share price is greater than or equal to the lower strike price but less than the middle strike price, 114.5% of the initial share price, the payout will be 87.33624% of the final share price.
If the final share price is greater than or equal to the middle strike price but less than the upper strike price, 123.75% of the initial share price, the payout will be par.
If the final share price is greater than or equal to the upper strike price, the payout will be par plus 0.65% for every 1% that the final share price exceeds the upper strike price.
The payout can be made in cash or Twitter stock at Barclays’ option.
The final share price will be adjusted if the amount of dividends paid on the stock differs from the expected aggregate dividend amount, which is zero.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Notes
|
| Underlying stock: | Twitter, Inc. (Symbol: TWTR)
|
| Amount: | $37,000,241.20
|
| Maturity: | Oct. 28, 2015
|
| Coupon: | 8%, payable monthly
|
| Price: | Par of $51.61
|
| Payout at maturity: | If final share price is less than lower strike price, $37.1862 per note; if final share price is greater than or equal to lower strike price but less than middle strike price, 87.33624% of final share price; if final share price is greater than or equal to middle strike price but less than upper strike price, par; if final share price is greater than or equal to upper strike price, par plus 0.65% for every 1% that final share price exceeds upper strike price; payout can be made in cash or Twitter stock at Barclays’ option
|
| Initial share price: | $51.61
|
| Lower strike price: | $42.57825, 82.5% of initial share price
|
| Middle strike price: | $59.09345, 114.5% of initial share price
|
| Upper strike price: | $63.86738, 123.75% of initial share price
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 29
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06740D673
|
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