Barclays plans 8% STEP Income Securities due 2015 linked to Whirlpool

By Susanna Moon

Chicago, July 24 – Barclays Bank plc plans to price 8% STEP Income Securities due September 2015 linked to Whirlpool Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Valero Energy shares finishes at or above the step level – 108% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout will be par.

Investors will be exposed to any losses.

Bank of America Merrill Lynch is the agent.

The securities will price and settle in August.

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