Barclays to price 8.5% STEP Income Securities on Freeport-McMoRan

By Marisa Wong

Madison, Wis., March 30 - Barclays Bank plc plans to price 8.5% STEP Income Securities due April 2013 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If the price of Freeport-McMoRan stock finishes at or above the STEP level - 108.5% of the initial price - the payout at maturity will be par of $10.00 plus a payment of $0.10 to $0.15. The exact step payment will be set at pricing.

If the stock finishes at or above the threshold value - 95% of the initial price - but below the STEP level, the payout will be par. Investors will lose 1% for every 1% share price decline beyond the 5% buffer.

Bank of America Merrill Lynch is the agent.

The notes will price and settle in April.

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