By Angela McDaniels
Tacoma, Wash., June 25 - Barclays Bank plc priced a $10 million add-on to its issue of 17.5% reverse convertible notes due Nov. 12, 2009 linked to the common stock of Chesapeake Energy Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The company priced $3.5 million of the notes on May 7, $7 million on May 26 and another $7 million on June 9. The total issue size is now $27.5 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless Chesapeake Energy shares fall below the protection price - 65% 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 Chesapeake Energy shares 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: | Chesapeake Energy Corp. (Symbol: CHK)
|
| Amount: | $27.5 million, increased from $3.5 million
|
| Maturity: | Nov. 12, 2009
|
| Coupon: | 17.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Chesapeake Energy shares fall below the protection price during the life of the notes and finish below the initial price, in which case 45.620438 shares of Chesapeake Energy stock
|
| Initial share price: | $21.92
|
| Protection price: | $14.25, 65% of initial price
|
| Pricing dates: | May 7 for $3.5 million; May 26 for $7 million; June 9 for another $7 million; June 24 for $10 million
|
| Settlement dates: | May 12 for original issue; May 27 for first add-on; June 10 for second add-on; June 25 for third add-on
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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