E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 6/15/2007 in the Prospect News Structured Products Daily.

New Issue: Barclays sells $1 million 20% reverse convertibles linked to MetroPCS

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
Issue:Reverse convertible notes
Underlying stock:MetroPCS Communications, Inc.
Amount:$1 million
Maturity:Sept. 19, 2007
Coupon:20%, payable monthly
Price:Par
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
Initial share price:$32.93
Protection price:$24.70, 75% of $32.93
Pricing date:June 14
Settlement date:June 19
Agent:Barclays Capital
Fees:1.25%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.