Published on 3/29/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $1 million 10% reverse convertibles linked to AnnTaylor
New York, March 29 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due March 30, 2007 linked to AnnTaylor Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if AnnTaylor stock stays at or above the protection price of 80% of the initial price between March 28, 2006 and March 28, 2007 or finishes at or above the $36.12 initial price. Otherwise, the payout will be in AnnTaylor stock, with the number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
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| Issue: | Reverse convertible notes
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| Underlying stock: | AnnTaylor Corp.
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| Amount: | $1 million
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| Maturity: | March 30, 2007
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash if AnnTaylor stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $36.12 shares of AnnTaylor stock
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| Initial share price: | $36.12
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| Protection price: | 80% of initial share price
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Calculation agent: | Barclays Capital
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