Published on 7/26/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $8.5 million 14.25% reverse convertibles linked to Peabody Energy
By Jennifer Chiou
New York, July 26 - Barclays Bank plc priced $8.5 million of 14.25% reverse convertible notes due July 26, 2007 linked to Peabody Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Peabody Energy stock stays at or above the protection price of $33.35, 70% of the initial price, between July 25, 2006 and July 25, 2007 or finishes at or above the $47.65 initial price. Otherwise, the payout will be in Peabody Energy 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: | Peabody Energy Corp.
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Amount: | $8.5 million
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Maturity: | July 26, 2007
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Coupon: | 14.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Peabody Energy 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 $47.65 shares of Peabody Energy stock
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Initial share price: | $47.65
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Protection price: | $33.35, 70% of initial share price
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Pricing date: | July 25
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Settlement date: | July 26
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Calculation agent: | Barclays Capital
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