Barclays plans 9% reverse convertible notes on National Oilwell Varco

By Jennifer Chiou

New York, Feb. 11 – Barclays Bank plc plans to price 9% annualized reverse convertible notes due May 27, 2015 linked to National Oilwell Varco, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

A knock-in event occurs if the share price closes below the knock-in barrier price, 75% of the initial price, on any day during the life of the notes.

The payout at maturity will be par if the final price is equal to or greater than the initial price or if the stock return is negative but a knock-in event has not occurred.

If the final price is less than the initial price and a knock-in event has occurred, the payout will be par plus the stock return or, at the issuer’s option, a number of National Oilwell Varco shares equal to $1,000 divided by the initial share price.

The notes (Cusip: 06741JZ85) will price on Feb. 24 and settle on Feb. 27.

Barclays is the agent.

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