By Angela McDaniels
Tacoma, Wash., June 3 - Barclays Bank plc priced $1.5 million of 19.5% annualized reverse convertible notes due Dec. 31, 2008 linked to the common stock of Sears Holdings Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Sears stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sears shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent amount in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Sears Holdings Corp. (Symbol: SHLD)
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 31, 2008
|
| Coupon: | 19.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Sears stock closes below the protection level during the life of the notes and the final share price is less than the initial share price, 11.80359 Sears shares or the equivalent in cash; otherwise, par
|
| Initial share price: | $84.72
|
| Protection level: | $59.304, 70% of initial share price
|
| Pricing date: | May 30
|
| Settlement date: | June 4
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2%
|
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