By E. Janene Geiss
Philadelphia, March 27 - Barclays Bank plc priced $5 million of 9% reverse convertible notes due March 26, 2008 linked to Lehman Brothers Holdings Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Lehman Brothers stock stays at or above the protection price, 80% of the initial price of $73.50, between March 23, 2007 and March 20, 2008, and finishes at or above the initial price.
Otherwise, the payout will be in Lehman Brothers stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Lehman Brothers Holdings Inc.
|
| Amount: | $5 million
|
| Maturity: | March 26, 2008
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Lehman Brothers stock stays at or above the protection price of $58.80 and finishes at or above the initial price; otherwise shares of Lehman Brothers stock equal to $1,000 divided by the initial price
|
| Initial price: | $73.50
|
| Protection price: | $58.80, 80% of $73.50
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Agent: | Barclays Capital
|
| Agent fee: | 2.75%
|
© 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.
