By Angela McDaniels
Tacoma, Wash., Jan. 27 - Barclays Bank plc priced $1 million of 12.25% annualized callable reverse convertible notes due July 29, 2010 linked to the common stock of GameStop Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if GameStop stock closes at or above its initial share price on April 26, 2010.
If the notes are not called, the payout at maturity will be par in cash unless GameStop shares fall below the protection price - 80% 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 GameStop shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | GameStop Corp. (Symbol: GME)
|
| Amount: | $1 million
|
| Maturity: | July 29, 2010
|
| Coupon: | 12.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If GameStop shares fall below protection price during life of notes and finish below initial price, 50.916497 GameStop shares; otherwise, par
|
| Call: | Automatically at par if GameStop stock closes at or above initial share price on April 26, 2010
|
| Initial share price: | $19.64
|
| Protection price: | $15.71, 80% of initial price
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2%
|
| Cusip: | 06740JSQ4
|
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