By Angela McDaniels
Tacoma, Wash., May 11 - Barclays Bank plc priced $3 million of additional callable range accrual notes due May 14, 2024 linked to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The notes bring the total issue size to $4 million. The company priced the original $1 million of notes on April 17.
Interest is fixed at 7% per year for the first two years. Beginning May 14, 2011, interest will equal 7% per year multiplied by the proportion of days on which six-month Libor is 7% or less. Interest is payable quarterly.
The notes are callable at par on any interest payment date.
If the notes are not called, the payout at maturity will be par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable range accrual notes
|
| Amount: | $4 million, upsized from $1 million
|
| Maturity: | May 14, 2024
|
| Coupon: | 7% for first two years; beginning May 14, 2011, 7% multiplied by proportion of days on which six-month Libor is 7% or less; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date
|
| Pricing date: | April 17 for original $1 million
|
| Settlement date: | May 14
|
| Agent: | Barclays Capital Inc.
|
| Fees: | Up to 3%
|
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