By Angela McDaniels
Tacoma, Wash., Feb. 18 - Barclays Bank plc priced an additional $10 million of 10.75% reverse convertible notes due Oct. 29, 2010 linked to the common stock of Barrick Gold Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $12 million. Barclays priced $2 million of the notes on Oct. 27.
The payout at maturity will be par in cash unless Barrick Gold shares fall below the protection price - 75% 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 Barrick Gold 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: | Barrick Gold Corp. (Symbol: ABX)
|
| Amount: | $12 million, increased from $2 million
|
| Maturity: | Oct. 29, 2010
|
| Coupon: | 10.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Barrick Gold shares fall below the protection price during the life of the notes and finish below the initial price, in which case 27.708507 shares of Barrick Gold stock
|
| Initial price: | $36.09
|
| Protection price: | $27.07, 75% of initial price
|
| Exchange ratio: | 27.708507
|
| Pricing dates: | Oct. 27 for $2 million; Feb. 17 for $10 million
|
| Settlement dates: | Oct. 30 for $2 million; Feb. 18 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06739JM67
|
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