Barclays plans callable contingent coupon notes tied to Gulfport

By Toni Weeks

San Luis Obispo, Calif., May 23 - Barclays Bank plc plans to price callable contingent coupon notes due June 3, 2016 linked to the common stock of Gulfport Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon of at least 3% (equivalent to 12% per year) if the closing price of Gulfport Energy shares is greater than or equal to the barrier price, 70% of the initial share price, on the observation date for that quarter. The exact coupon will be set at pricing.

The notes are callable on any coupon payment date at par.

If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of Gulfport Energy shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.

Barclays is the agent.

The notes will price May 29 and settle June 3.

The Cusip number is 06741JS67.

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