New Issue: Barclays sells $1 million more 14.5% reverse convertibles tied to Noble

By Marisa Wong

Madison, Wis., Jan. 10 - Barclays Bank plc priced an additional $1 million of 14.5% reverse convertible notes due June 29, 2012 linked to Noble Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $1.1 million. The issuer priced an initial $100,000 of the notes on Dec. 27.

The payout at maturity will be par in cash unless Noble shares fall below the protection price of $23.60, 75% of the initial price of $31.46, during the life of the notes and finish below the initial price in which case the payout will be 31.786395 shares of Noble stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Noble Corp. (Symbol: NE)
Amount:	$1.1 million (increased from $100,000)
Maturity:	June 29, 2012
Coupon:	14.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Noble shares fall below the protection price and finish below the initial price, in which case 31.786395 shares of Noble stock
Initial price:	$31.46
Protection price:	$23.60, 75% of $31.46
Exchange ratio:	31.786395
Pricing date:	Dec. 27 for $100,000; Jan. 6 for $1 million
Settlement date:	Dec. 30 for $100,000; Jan. 11 for $1 million
Agent:	Barclays Capital
Fees:	1.3%
Cusip:	06741JPW3

© 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.