Barclays plans 16% callable reverse convertibles tied to MGM Mirage

By Jennifer Chiou

New York, Jan. 8 - Barclays Bank plc plans to price callable 16% reverse convertible notes due Jan. 28, 2011 linked to the common stock of MGM Mirage, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the closing price of MGM Mirage stock on any call valuation date is greater than or equal to the initial share price, the notes will be automatically called at par.

If the notes are not called, the payout at maturity will be par unless MGM Mirage stock falls below the protection level - 70% of the initial share price - during the life of the notes and finishes below the initial price. In that case, the payout will be a number of MGM Mirage shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Jan. 26 and will settle on Jan. 29.

Barclays Capital Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.