By Susanna Moon
Chicago, March 4 - Barclays Bank plc priced another $1 million of 19% reverse convertible notes due Sept. 19, 2011 linked to Hecla Mining Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $2.5 million, up from $1.5 million.
The payout at maturity will be par in cash unless Hecla Mining shares fall below the protection price - 65% of the initial 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 Hecla Mining 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: | Hecla Mining Co. (Symbol: HL)
|
| Amount: | $2.5 million, up from $1.5 million
|
| Maturity: | Sept. 19, 2011
|
| Coupon: | 19%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Hecla Mining shares fall below the protection price during the life of the notes and finish below the initial price, in which case 90.661831 shares of Hecla Mining stock
|
| Initial price: | $11.03
|
| Protection price: | $7.17, 65% of initial price
|
| Pricing dates: | Dec. 14 for $1.5 million; March 3 for $1 million
|
| Settlement dates: | Dec. 21 for $1.5 million; March 7 for $1 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 3%
|
| Cusip: | 06740PYF7
|
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