By Angela McDaniels
Tacoma, Wash., March 3 - Barclays Bank plc priced an additional $5 million of 8.5% reverse convertible notes due Feb. 16, 2012 linked to Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The company previously priced $1 million of the notes on Feb. 11 and $5 million on March 1. The total issue size is now $11 million.
Interest is payable monthly.
The payout at maturity will be par in cash unless Ford shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Ford stock equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Ford Motor Co. (Symbol: F)
|
| Amount: | $11 million, increased from $1 million
|
| Maturity: | Feb. 16, 2012
|
| Coupon: | 8.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Ford shares fall below the protection price during the life of the notes and finish below the initial price, in which case 61.050061 shares of Ford stock
|
| Initial price: | $16.38
|
| Protection price: | $12.29, 75% of initial price
|
| Exchange ratio: | 61.050061
|
| Pricing dates: | Feb. 11 for original $1 million; March 1 for $5 million; March 2 for $5 million
|
| Settlement dates: | Feb. 16 for original issue; March 3 for first add-on; March 4 for second add-on
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06741JEA3
|
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