Published on 12/7/2004 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $1.5 million 14.4% reverse exchangeables linked to Martek
New York, Dec. 7 - Barclays Bank plc priced $1.5 million of one-year 14.4% knock-in reverse exchangeable notes linked to Martek Biosciences Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Knock-in reverse exchangeable senior medium-term notes
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Underlying stock: | Martek Biosciences Corp.
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Amount: | $1.5 million
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Maturity: | Dec. 13, 2005
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Coupon: | 14.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Martek stock never trades below knock-in level, otherwise smaller of par in cash or $1,000/$39.98 shares of Martek
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Knock-in price: | $27.99, 70% of initial price of $39.98
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Exchange ratio: | $1,000/$39.98
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Exchange price: | $39.98 (initial level of Martek stock)
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Call: | Non-callable
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Pricing date: | Dec. 6
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Settlement date: | Dec. 13
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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