By Marisa Wong
Madison, Wis., Feb. 25 - Barclays Bank plc priced $7.5 million of 8.25% single observation autocallable reverse convertible notes due Feb. 26, 2015 linked to Valero Energy 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 Valero shares close at or above the initial share price on any quarter review date.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 75% trigger level, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price or the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Single observation autocallable reverse convertible notes
|
| Underlying stock: | Valero Energy Corp. (Symbol: VLO)
|
| Amount: | $7.5 million
|
| Maturity: | Feb. 26, 2015
|
| Coupon: | 8.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Valero stock finishes below protection price, in which case 19.638649 Valero shares
|
| Call: | At par if closing share price is at or above initial share price on quarterly review date
|
| Initial share price: | $50.92
|
| Protection price: | $38.19, 75% of initial share price
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Agent: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06741J6N4
|
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