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Barclays to price 9.25% reverse convertibles linked to J.C. Penney
By Laura Lutz
Des Moines, May 9 - Barclays Bank plc plans to price an issue of 9.25% reverse convertible notes due Nov. 28, 2007 linked to J.C. Penney Co., Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless J.C. Penney stock falls below the knock-in price - 85% 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 J.C. Penney shares equal to $1,000 divided by the initial share price.
The notes will price on May 24 and settle on May 31.
Barclays Capital will be the agent.
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