By E. Janene Geiss
Philadelphia, May 29 - Barclays Bank plc priced $2 million offering of reverse convertible notes due Aug. 29, 2007 linked to AK Steel Holding Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 3.625% for an annualized rate of 14.5%. Interest is payable monthly.
Payout at maturity will be par in cash unless AK Steel stock falls below the protection price of $26.42, 80% of the initial price of $33.02, during the life of the notes and finishes below the initial price in which case the payout will be 30.285 shares of AK Steel stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | AK Steel Holding Corp.
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Amount: | $2 million
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Maturity: | Aug. 29, 2007
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Coupon: | 14.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if AK Steel stock stays at or above the protection price of $26.42 and finishes at or above the initial price; otherwise 30.285 shares of AK Steel stock
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Initial price: | $33.02
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Protection price: | $26.42, 80% of $33.02
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Exchange ratio: | 30.285
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Pricing date: | May 24
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Settlement date: | May 31
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Agent: | Barclays Capital
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Agent fee: | 1.75%
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