By Jennifer Chiou
New York, Oct. 15 - Barclays Bank plc priced $1.5 million of 14.65% callable reverse convertible notes due April 19, 2010 linked to the common stock of Humana, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Humana stock closes at or above its initial share price on Jan. 14, 2010, the notes will be automatically redeemed on Jan. 20, 2010 at par.
If the notes are not called, the payout at maturity will be par unless Humana stock closes below the protection price - 70% of the initial price - during the life of the notes and finishes below the initial price. In that case, the payout will be a number of Humana shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Humana, Inc. (Symbol: HUM)
|
| Amount: | $1.5 million
|
| Maturity: | April 19, 2010
|
| Coupon: | 14.65%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Humana stock falls below protection price during life of notes and finishes below initial price, 26.301946 Humana shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par if Humana stock closes at or above initial share price on Jan. 14, 2010
|
| Initial share price: | $38.02
|
| Protection price: | $26.61, 70% of initial price
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 19
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.4%
|
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