By Angela McDaniels
Seattle, April 3 - Barclays Bank plc announced revised terms on a $2 million issue of reverse convertible notes due March 28, 2008 linked to the common stock of ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 9.25%, not the 13.75% originally dislosed.
Interest is payable monthly.
The payout at maturity will be par unless ConocoPhillips stock falls below the protection price of $55.58 during the life of the notes and finishes below the initial share price of $69.48, in which case the payout will be a number of ConocoPhillips 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: | ConocoPhillips
|
| Amount: | $2 million
|
| Maturity: | March 28, 2008
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If ConocoPhillips stock falls below the protection price during the life of the notes and finishes below the initial share price, 14.39263 ConocoPhillips shares; otherwise, par
|
| Initial share price: | $69.48
|
| Protection price: | $55.58, 80% of initial share price
|
| Pricing date: | March 27
|
| Settlement date: | March 30
|
| Agent: | Barclays Capital
|
| Agent fees: | 2.35%
|
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