Published on 12/13/2004 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $10 million 15% reverse exchangeables linked to Sirius
New York, Dec. 13 - Barclays Bank plc priced $10 million of one-year 15% knock-in reverse exchangeable notes linked to Sirius Satellite Radio Inc. 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: | Sirius Satellite Radio Inc.
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Amount: | $10 million
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Maturity: | Dec. 15, 2005
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Sirius stock never trades below knock-in level, otherwise smaller of par in cash or $1,000/$7.59 shares of Sirius
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Knock-in price: | $3.795, 50% of initial price of $7.59
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Exchange ratio: | $1,000/$7.59
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Exchange price: | $7.59 (initial level of Sirius stock)
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Call: | Non-callable
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Pricing date: | Dec. 10
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Settlement date: | Dec. 15
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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