By Angela McDaniels
Tacoma, Wash., June 10 - Barclays Bank plc priced an additional $7 million add-on to its issue of 14% reverse convertible notes due Nov. 12, 2009 linked to the common stock of General Electric Co., according to a 424B3 filing with the Securities and Exchange Commission.
The company priced $5 million of the notes on May 7 and $7 million more on May 26. The total issue size is now $19 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless General Electric shares fall below the protection price - 60% 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 General Electric shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | General Electric Co. (Symbol: GE)
|
| Amount: | $19 million, increased from $5 million
|
| Maturity: | Nov. 12, 2009
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless General Electric shares fall below the protection price during the life of the notes and finish below the initial price, in which case 71.633238 shares of General Electric stock
|
| Initial share price: | $13.96
|
| Protection price: | $8.38, 60% of initial price
|
| Pricing dates: | May 7 for $5 million; May 26 for $7 million; June 9 for another $7 million
|
| Settlement dates: | May 12 for original issue; May 27 for first add-on; June 10 for second add-on
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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