By E. Janene Geiss
Philadelphia, May 29 - Barclays Bank plc priced $4.5 million offering of reverse convertible notes due Nov. 28, 2007 linked to Boston Scientific Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 6.4% for an annualized rate of 12.8%. Interest is payable monthly.
Payout at maturity will be par in cash unless Boston Scientific stock falls below the protection price of $12.62, 80% of the initial price of $15.77, during the life of the notes and finishes below the initial price in which case the payout will be 63.412 shares of Boston Scientific stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Boston Scientific Corp.
|
| Amount: | $4.5 million
|
| Maturity: | Nov. 28, 2007
|
| Coupon: | 12.8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Boston Scientific stock stays at or above the protection price of $12.62 and finishes at or above the initial price; otherwise 63.412 shares of Boston Scientific stock
|
| Initial price: | $15.77
|
| Protection price: | $12.62, 80% of $15.77
|
| Exchange ratio: | 63.412
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Agent: | Barclays Capital
|
| Fees: | 1.625%
|
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