Barclays plans 9.25% autocallable reverse convertibles on U.S. Steel

By Susanna Moon

Chicago, March 18 - Barclays Bank plc plans to price 9.25% autocallable reverse convertible notes due March 27, 2014 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par if the stock closes at or above the initial share price on any of three call valuation dates: June 21, 2013, Sept. 23, 2013 or Dec. 20, 2013.

The payout at maturity will be par in cash unless U.S. Steel shares fall below the 70% protection level during the life of the notes and finish below the protection price, in which case the payout will be a number of U.S. Steel shares equal to $1,000 principal amount divided by the initial price.

Barclays is the agent.

The notes will price on March 25 and settle on March 28.

The Cusip number is 06741JYM5.

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