By Angela McDaniels
Seattle, April 23 - Barclays Bank plc priced a $1.5 million issue of reverse convertible notes due Oct. 24, 2007 linked to the common stock of Titanium Metals Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 6.9% for an annualized rate of 13.8%. Interest is payable monthly.
The payout at maturity will be par unless Titanium Metals stock falls by more than 20% during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Titanium Metals shares equal to $1,000 divided by the initial share price or, at Barclay's option, par minus the share price decline.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Titanium Metals Corp.
|
| Amount: | $1.5 million
|
| Maturity: | Oct. 24, 2007
|
| Coupon: | 13.8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Titanium Metals stock falls below the protection price during the life of the notes and finishes below the initial share price, 28.082 Titanium Metals shares or par minus the share price decline; otherwise, par
|
| Initial share price: | $35.61
|
| Protection price: | $28.49, 80% of initial share price
|
| Pricing date: | April 20
|
| Settlement date: | April 25
|
| Agent: | Barclays Capital Inc.
|
| Agent fees: | 2%
|
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