By Laura Lutz
Des Moines, June 15 - Barclays Bank plc priced $1 million of 20% reverse convertible notes due Sept. 19, 2007 linked to MetroPCS Communications, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if MetroPCS stock stays at or above the protection price, 75% of the initial price of $32.93, during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be in MetroPCS stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital will be the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | MetroPCS Communications, Inc.
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Amount: | $1 million
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Maturity: | Sept. 19, 2007
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if MetroPCS stock stays at or above the protection price of $24.70 during the life of the notes or finishes at or above the initial share price; otherwise shares of MetroPCS stock equal to $1,000 divided by the initial share price
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Initial share price: | $32.93
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Protection price: | $24.70, 75% of $32.93
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Pricing date: | June 14
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Settlement date: | June 19
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Agent: | Barclays Capital
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Fees: | 1.25%
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