Published on 3/31/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.25% reverse convertibles linked to Mariner Energy
New York, March 31 - Barclays Bank plc priced $1 million of 10.25% reverse convertible notes due Sept. 30, 2010 linked to Mariner Energy, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Mariner Energy shares fall below the protection price of $10.60, 75% of the initial price of $14.13, during the life of the notes and finish below the initial price in which case the payout will be 70.771408 shares of Mariner Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Mariner Energy, Inc. (Symbol: ME)
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Amount: | $1 million
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Maturity: | Sept. 30, 2010
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Mariner Energy shares fall below the protection price of $10.60, 75% of the initial price, and finish below the initial price, in which case 70.771408 shares of Mariner Energy stock
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Initial price: | $14.13
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Protection price: | $10.60, 75% of $14.13
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Exchange ratio: | 70.771408
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740J5Y2
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