Published on 2/23/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million add-on to 10.25% reverse convertibles linked to Superior Energy
By Angela McDaniels
Tacoma, Wash., Feb. 23 - Barclays Bank plc priced $5 million of additional 10.25% reverse convertible notes due May 26, 2010 linked to the common stock of Superior Energy Services, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $6 million. The original $1 million of notes priced Nov. 23.
The payout at maturity will be par in cash unless Superior Energy shares fall below the protection price - 75% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Superior Energy stock equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Superior Energy Services, Inc. (Symbol: SPN)
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Amount: | $6 million, increased from $1 million
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Maturity: | May 26, 2010
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Superior Energy shares fall below the protection price during the life of the notes and finish below the initial price, in which case 45.372051 shares of Superior Energy stock
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Initial price: | $22.04
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Protection price: | $16.53, 75% of initial pric3
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Exchange ratio: | 45.372051
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Pricing dates: | Nov. 23 for $1 million; Feb. 22 for $5 million
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Settlement dates: | Nov. 30 for $1 million; Feb. 23 for $5 million
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Agent: | Barclays Capital Inc.
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Fees: | 1.625%
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Cusip: | 06739JX65
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