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Barclays plans 12.03% autocallable reverse convertibles tied to USG
By Marisa Wong
Madison, Wis., Oct. 2 - Barclays Bank plc plans to price 12.03% autocallable reverse convertible notes due Oct. 22, 2014 linked to USG Corp. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be called at par if the stock closes at or above the initial share price on any of three quarterly call valuation dates beginning on Jan. 16, 2014.
The payout at maturity will be par unless USG shares finish below the 65% barrier level, in which case investors will be fully exposed to the decline.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
The notes will price on Oct. 4 and settle on Oct. 9.
The Cusip number is 06741TR41.
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