By Angela McDaniels
Tacoma, Wash., April 14 - Barclays Bank plc priced $37.92 million of 10% STEP Income Securities due April 24, 2015 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of Facebook stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level is 110% of the initial share price, and the step payment is 5.9%.
If the final share price is greater than or equal to the threshold level, 95% of the initial share price, but less than the step level, investors will receive par.
If the final share price is less than the threshold level, investors will lose 1% for every 1% that the price declines below the threshold level.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Facebook Inc. (Symbol: FB)
|
| Amount: | $37,918,070
|
| Maturity: | April 24, 2015
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of Facebook stock is greater than or equal to step level, par plus 5.9%; if final share price is greater than or equal to threshold value but is less than step level, par; 1% loss for every 1% that share price declines beyond 5%
|
| Initial share price: | $60.53, equal to volume-weighted average price on pricing date
|
| Step level: | $66.58, 110% of initial share price
|
| Threshold value: | $57.50, 95% of initial share price
|
| Pricing date: | April 10
|
| Settlement date: | April 16
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06724K717
|
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