Published on 2/24/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $6.77 million 12% exchangeables linked to U.S. Steel
New York, Feb. 24 - Barclays Bank plc priced $6.77 million of one-year 12% exchangeable notes linked to United States Steel Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Exchangeable senior medium-term notes
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Underlying stock: | United States Steel Corp.
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Amount: | $6.773 million
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Maturity: | Feb. 28, 2006
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless United States Steel stock closes lower than initial price of $57.79 and United States Steel stock closes below protection level at some point, otherwise $1,000/$57.79 shares of United States Steel stock
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Protection price: | $40.45, 70% of initial price of $57.79
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Exchange ratio: | $1,000/$57.79
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Exchange price: | $57.79 (initial level of United States Steel stock)
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Call: | Non-callable
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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