By Angela McDaniels
Tacoma, Wash., June 29 - Barclays Bank plc priced a $10 million add-on to its issue of 19% reverse convertible notes due Nov. 12, 2009 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The company priced the original $3.5 million of notes on May 7 and an additional $5 million on May 26. The total issue size is now $18.5 million.
Interest is payable monthly.
The payout at maturity will be par unless Freeport-McMoRan shares fall below the protection price - 65% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Freeport-McMoRan 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: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $18.5 million, increased from $3.5 million
|
| Maturity: | Nov. 12, 2009
|
| Coupon: | 19%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price during the life of the notes and finish below the initial price, in which case 20.391517 shares of Freeport-McMoRan stock
|
| Initial shares price: | $49.04
|
| Protection price: | $31.88, 65% of initial price
|
| Pricing date: | May 7 for $3.5 million; May 26 for $5 million; June 29 for $10 million
|
| Settlement date: | May 12 for original issue; May 27 for add-on; June 30 for second add-on
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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