By Angela McDaniels
Tacoma, Wash., Sept. 16 - Barclays Bank plc priced $1 million of 0% buffered participation reverse convertible notes due Dec. 18, 2009 linked to the common stock of Superior Energy Services, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than the initial share price, the payout at maturity will be par plus 150% of the share price gain plus a supplemental return of 2%. The payout is subject to a cap equal to 106.125% of par.
If the share price declines by 5% or less, the payout will be par plus the supplemental return.
If the share price declines by more than 5%, the payout will be par minus 1% for every 1% that the share price declines beyond 5%. At Barclay's option, it can instead issue a number a Superior Energy shares that, when multiplied by the final share price, would be equal to this amount. In either case, investors will also receive the supplemental return in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered participation reverse convertible notes
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| Underlying stock: | Superior Energy Services, Inc. (Symbol: SPN)
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| Amount: | $1 million
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| Maturity: | Dec. 18, 2009
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | 102% of par plus 150% of any share price gain, up to maximum return of 6.125%; 102% of par if share price falls by 5% or less; par minus 1% for every 1% that share price declines beyond 5% or a number of Superior Energy shares with an equivalent value, plus 2% in cash in either case
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| Initial share price: | $22.86
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | Barclays Capital Inc.
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| Fees: | 1.5%
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