Published on 9/24/2004 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $1.5 million 11.5% reverse exchangeables linked to Scientific Atlanta
New York, Sept. 24 - Barclays Bank plc priced $1.5 million of one-year 11.5% knock-in reverse exchangeable notes linked to Scientific-Atlanta Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Knock-in reverse exchangeable senior medium-term notes
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Underlying stock: | Scientific-Atlanta Inc.
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Amount: | $1.5 million
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Maturity: | Sept. 30, 2005
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Scientific Atlanta stock never trades below knock-in level, otherwise smaller of par in cash or 39 shares of Scientific Atlanta stock
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Knock-in price: | $18.18, 70% of initial price of $25.97
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Exchange ratio: | 39
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Exchange price: | $25.97 (initial level of Scientific Atlanta stock)
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Call: | Non-callable
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Pricing date: | Sept. 22
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Settlement date: | Sept. 30
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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