By Angela McDaniels
Tacoma, Wash., March 3 - Barclays Bank plc priced an additional $10 million of 16.5% annualized reverse convertible notes due Aug. 26, 2010 linked to the American Depositary Receipts of Trina Solar Ltd., according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $12 million. The original $2 million of notes priced Feb. 23.
The payout at maturity will be par in cash unless Trina Solar ADRs fall below the protection price - 70% of the initial ADR price - during the life of the notes and finish below the initial ADR price, in which case the payout will be a number of Trina Solar ADRs equal to $1,000 divided by the initial ADR price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying ADRs: | Trina Solar Ltd. (Symbol: TSL)
|
| Amount: | $12 million, increased from $2 million
|
| Maturity: | Aug. 26, 2010
|
| Coupon: | 16.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Trina Solar ADRs fall below protection price during life of notes and finish below initial price, in which case 43.554007 Trina Solar ADRs
|
| Initial ADR price: | $22.96
|
| Protection price: | $16.07, 70% of initial price
|
| Exchange ratio: | 43.554007
|
| Pricing dates: | Feb. 23 for $2 million: March 3 for $10 million
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| Settlement dates: | Feb. 26 for $2 million; March 4 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
| Cusip: | 06740JB41
|
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