New Issue: Barclays prices $4.5 million 9.25% notes linked to Best Buy

By Angela McDaniels

Seattle, Feb. 26 - Barclays Bank plc priced a $4.5 million offering of 9.25% reverse convertible notes due Feb. 27, 2008 linked to the common stock of Best Buy Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Best Buy stock falls below the protection level of $39.44 during the life of the notes and finishes below the initial share price of $49.30, in which case the payout will be a number of Best Buy shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Best Buy Co., Inc.
Amount:	$4.5 million
Maturity:	Feb. 27, 2008
Coupon:	9.25%, payable monthly
Payout at maturity:	If Best Buy falls below the protection level during the life of the notes and finishes below the initial share price, 20.28398 shares of Best Buy stock; otherwise, par
Initial share price:	$49.30
Protection level:	$39.44, 80% of $49.30
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays Capital Inc.
Agent fees:	2.5%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.