By Marisa Wong
Madison, Wis., Nov. 9 - Barclays Bank plc priced an additional $3 million of 9.5% reverse convertible notes due Oct. 28, 2011 linked to Ford Motor Co. shares, according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the total deal size to $4 million. The original $1 million of reverse convertibles priced on Oct. 26.
Interest is payable monthly.
The payout at maturity will be par in cash unless Ford Motor shares fall below the protection price of $11.49, 80% of the initial price of $14.36, during the life of the notes and finish below the initial price in which case the payout will be 69.637883 shares of Ford Motor stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Ford Motor Co. (Symbol: F)
|
| Amount: | $4 million, up from $1 million
|
| Maturity: | Oct. 28, 2011
|
| Coupon: | 9.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Ford Motor shares fall below the protection price of $11.49, 80% of the initial price, and finish below the initial price, in which case 69.637883 shares of Ford Motor stock
|
| Initial price: | $14.36
|
| Protection price: | $11.49, 80% of $14.36
|
| Exchange ratio: | 69.637883
|
| Pricing date: | Oct. 26 for $1 million
|
| Settlement date: | Oct. 29 for $1 million, Nov. 5 for $3 million
|
| Agent: | Barclays Capital
|
| Fees: | 2.5%
|
| Cusip: | 06740P2E5
|
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