Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $0.5 million 11.25% reverse convertibles linked to Superior Energy
New York, May 27 - Barclays Bank plc priced $0.5 million of 11.25% reverse convertible notes due May 27, 2011 linked to Superior Energy Services, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Superior Energy shares fall below the protection price of $17.70, 80% of the initial price of $22.13, during the life of the notes and finish below the initial price in which case the payout will be 45.187528 shares of Superior 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: | Superior Energy Services, Inc. (Symbol: SPN)
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Amount: | $0.5 million
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Maturity: | May 27, 2011
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Coupon: | 11.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Superior Energy shares fall below the protection price of $17.70, 80% of the initial price, and finish below the initial price, in which case 45.187528 shares of Superior Energy stock
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Initial price: | $22.13
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Protection price: | $17.70, 80% of $22.13
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Exchange ratio: | 45.187528
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Barclays Capital
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Fees: | 2.1%
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Cusip: | 06740LRH0
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