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Barclays to issue 8.5% reverse convertibles linked to Hilton
By Laura Lutz
Des Moines, Oct. 3 - Barclays Bank plc plans to price an issue of 8.5% reverse convertible notes due Oct. 17, 2007 linked to the common stock of Hilton Hotels Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
At maturity, investors will receive par unless Hilton stock falls below the protection price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Hilton shares equal to $1,000 divided by the initial share price.
The notes will price on Oct. 13 and settle on Oct. 18.
Barclays Capital Inc. will be the agent.
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