New Issue: Barclays prices $1.5 million 17.5% reverse convertibles linked to Energy Conversion

New York, Oct. 30 - Barclays Bank plc priced $1.5 million of 17.5% reverse convertible notes due April 30, 2008 linked to Energy Conversion Devices, Inc stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Energy Conversion stock falls below the protection price of $19.01, 70% of the initial price of $27.15, during the life of the notes and finishes below the initial price in which case the payout will be 36.832413 shares of Energy Conversion stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Energy Conversion Devices, Inc (Symbol: ENER)
Amount:	$1.5 million
Maturity:	April 30, 2008
Coupon:	17.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Energy Conversion stock falls below the protection price of $19.01, 70% of the initial price, and finishes below the initial price, in which case 36.832413 shares of Energy Conversion stock.
Initial price:	$27.15
Protection price:	$19.01, 70% of $27.15
Exchange ratio:	36.832413
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Agent:	Barclays Capital
Agent fee:	1.625%

© 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.