By Angela McDaniels
Tacoma, Wash., Dec. 14 - Barclays Bank plc priced an additional $10 million of 10% reverse convertible notes due May 26, 2010 linked to the common stock of Barrick Gold Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The company issued $2 million of notes on Nov. 30 and $10 million more on Dec. 10. The total issue size is now $22 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless Barrick Gold shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Barrick Gold stock equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Barrick Gold Corp. (Symbol: ABX)
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Amount: | $22 million, increased from $2 million
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Maturity: | May 26, 2010
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Barrick Gold shares fall below the protection price during the life of the notes and finish below the initial price, in which case 22.789426 shares of Barrick Gold stock
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Initial price: | $43.88
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Protection price: | $32.91, 75% of initial price
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Pricing date: | Nov. 23
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Settlement dates: | Nov. 30 for $2 million; Dec. 10 for $10 million; Dec. 15 for $10 million
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Agent: | Barclays Capital Inc.
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Fees: | 1.625%
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