By E. Janene Geiss
Philadelphia, March 27 - Barclays Bank plc priced $1 million of 11.20% reverse convertible notes due Sept. 27, 2007 linked to Toll Brothers, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Toll Brothers stock stays at or above the protection price, 75% of the initial price of $29.38, between March 23, 2007 and Sept. 24, 2007, and finishes at or above the initial price.
Otherwise, the payout will be in Toll Brothers stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Toll Brothers, Inc.
|
| Amount: | $1 million
|
| Maturity: | Sept. 27, 2007
|
| Coupon: | 11.20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Toll Brothers stock stays at or above the protection price of $22.04 and finishes at or above the initial price; otherwise shares of Toll Brothers stock equal to $1,000 divided by the initial price
|
| Initial price: | $29.38
|
| Protection price: | $22.04, 75% of $29.38
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Agent: | Barclays Capital
|
| Agent fee: | 2%
|
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