By Angela McDaniels
Tacoma, Wash., Aug. 4 - Barclays Bank plc priced an additional $5 million of reverse convertible notes due Nov. 30, 2009 linked to the common stock of First Solar, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The original $5 million of notes priced May 26. The total issue size is now $10 million.
The six-month notes pay 9.375% for an annualized coupon of 18.75%. Interest is payable monthly.
The payout at maturity will be par unless First Solar shares fall below the protection price - 70% of the initial share price - during the life of the notes and finish below the initial price, in which case investors will receive a number of First Solar shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | First Solar, Inc. (Symbol: FSLR)
|
| Amount: | $10 million, including $5 million add-on
|
| Maturity: | Nov. 30, 2009
|
| Coupon: | 18.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless First Solar shares fall below the protection price during the life of the notes and finish below the initial price, in which case 5.57072 shares of First Solar stock
|
| Initial price: | $179.51
|
| Protection price: | $125.66, 70% of $179.51
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| Pricing date: | May 26 for original issue; Aug. 4 for add-on
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| Settlement date: | May 29 for original issue; Aug. 5 for add-on
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| Agent: | Barclays Capital Inc.
|
| Fees: | 2%
|
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