New Issue: Barclays prices $500,000 14% reverse convertibles linked to Elan

New York, Oct. 28 - Barclays Bank plc priced $500,000 of 14% reverse convertible notes due Jan. 31, 2011 linked to Elan Corp., Plc (American Depository Shares) shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Elan shares fall below the protection price of $4.10, 75% of the initial price of $5.47, during the life of the notes and finish below the initial price in which case the payout will be 182.815356 shares of Elan stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Elan Corp., Plc (American Depository Shares) (Symbol: ELN)
Amount:	$500,000
Maturity:	Jan. 31, 2011
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Elan shares fall below the protection price of $4.10, 75% of the initial price, and finish below the initial price, in which case 182.815356 shares of Elan stock
Initial price:	$5.47
Protection price:	$4.10, 75% of $5.47
Exchange ratio:	182.815356
Pricing date:	Oct. 26
Settlement date:	Oct. 29
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06740PSY3

© 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.