Barclays to price 11.5% reverse convertibles linked to Devon Energy

By E. Janene Geiss

Philadelphia, May 13 - Barclays Bank plc plans to price 11.5% annualized reverse convertible notes due Aug. 29, 2008 linked to the common stock of Devon Energy Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Devon stock declines by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Devon shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.

The notes will price on May 27 and settle on May 30.

Barclays Capital Inc. will be the agent.

© 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.