By Angela McDaniels
Tacoma, Wash., Oct. 14 - Barclays Bank plc priced an additional $5 million of 10% reverse convertible notes due Feb. 26, 2010 linked to the common stock of Corning Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes bring the issue size to $9 million. The original $4 million of notes priced Aug. 26.
Interest is payable monthly.
The payout at maturity will be par unless Corning shares fall by more than 25% during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Corning stock equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Corning Inc. (Symbol: GLW)
|
| Amount: | $9 million, increased from $4 million
|
| Maturity: | Feb. 26, 2010
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Corning shares fall below the protection price during the life of the notes and finish below the initial price, in which case 62.305296 shares of Corning stock
|
| Initial price: | $16.05
|
| Protection price: | $12.04, 75% of initial price
|
| Exchange ratio: | 62.305296
|
| Pricing dates: | Aug. 26 for $4 million; Oct. 14 for $5 million
|
| Settlement dates: | Aug. 31 for $4 million; Oct. 15 for $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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