By Angela McDaniels
Tacoma, Wash., April 28 - Barclays Bank plc priced $10 million of additional 9% reverse convertible notes due March 30, 2011 linked to the common stock of Bank of America Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $12 million. The original $2 million of notes priced March 26.
The payout at maturity will be par in cash unless Bank of America shares fall below the protection price - 80% 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 Bank of America 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: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $12 million, increased from $2 million
|
| Maturity: | March 30, 2011
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Bank of America shares fall below the protection price during the life of the notes and finish below the initial price, in which case 55.865922 shares of Bank of America stock
|
| Initial share price: | $17.90
|
| Protection price: | $14.32, 80% of initial share price
|
| Exchange ratio: | 55.865922
|
| Pricing dates: | March 26 for $2 million; April 27 for $10 million
|
| Settlement dates: | March 31 for $2 million; April 28 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740JY79
|
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