By Angela McDaniels
Tacoma, Wash., April 21 - Barclays Bank plc priced an additional $10 million of 10% reverse convertible notes due Jan. 28, 2011 linked to the common stock of Tesoro Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The original $2 million of notes priced Jan. 26. The total issue size is now $12 million.
The payout at maturity will be par in cash unless Tesoro shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Tesoro stock 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: | Tesoro Corp. (Symbol: TSO)
|
| Amount: | $12 million, increased from $2 million
|
| Maturity: | Jan. 28, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Tesoro shares fall below the protection price during the life of the notes and finish below the initial price, in which case 77.160494 shares of Tesoro stock
|
| Initial price: | $12.96
|
| Protection price: | $9.72, 75% of $12.96
|
| Exchange ratio: | 77.160494
|
| Pricing dates: | Jan. 26 for $2 million; April 21 for $10 million
|
| Settlement dates: | Jan. 29 for $2 million; April 22 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.125%
|
| Cusip: | 06740JJF8
|
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