By Jennifer Chiou
New York, June 11 - Barclays Bank plc priced $1 million of 16.25% annualized reverse convertible notes due Dec. 12, 2007 linked to Verasun Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if Verasun Energy stock stays at or above the protection price, 80% of the initial price of $14.57, during the life of the notes or finishes at or above the initial price. Otherwise, the payout will be in Verasun Energy stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Verasun Energy Corp.
|
| Amount: | $1 million
|
| Maturity: | Dec. 12, 2007
|
| Coupon: | 16.25% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if Verasun Energy stock stays at or above the protection price of $11.66 during the life of the notes or finishes at or above the initial price; otherwise, 68.63418 Verasun Energy shares
|
| Initial price: | $14.57
|
| Protection price: | $11.66, 80% of $14.57
|
| Pricing date: | June 8
|
| Settlement date: | June 13
|
| Agent: | Barclays Capital
|
| Fees: | 2%
|
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