A story in the Feb. 13 edition of the Prospect News Convertibles Early Update incorrectly reported the size of Barclays Bank plc’s new cash-settled equity-linked notes tied to Visa Inc. The correct size of the issue is $250 million, unchanged from the offering launch size. A corrected version of the story follows:
Portland, Me., Feb. 13 – Barclays Bank plc priced $250 million cash-settled equity linked notes tied to Visa Inc. after the market close on Wednesday with a coupon of 0%, an initial conversion premium of 20% and a reoffer price of 104, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
Pricing came in line with talk for a coupon of 0% and an initial conversion premium of 20% and at the cheap end of talk for a reoffer price of 104 to 104.5, according to a market source.
Barclays was the bookrunner for the registered offering.
The notes are non-callable and have no put features. There is dividend protection but no takeover protection.
The reference price will be based on the volume-weighted average of shares on Feb. 13 to Feb. 14.
Barclays Bank is a London-based multinational investment bank and financial services company.
Visa is a San Francisco-based multinational financial services company.
| Issuer: | Barclays Bank plc
|
| Securities: | Cash-settled equity-linked notes tied to Visa Inc.
|
| Amount: | $250 million
|
| Maturity: | Feb. 18, 2025
|
| Bookrunner: | Barclays
|
| Coupon: | 0%
|
| Price: | 104
|
| Conversion premium: | 20%
|
| Call options: | None
|
| Put options: | None
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 20
|
| Distribution: | Registered
|
| Talk: | Fixed coupon of 0%, fixed initial conversion premium of 20% and reoffer price of 104 to 104.5
|
| Stock symbol: | NYSE: V
|
| Stock price: | $207.44 at market close Feb. 12
|
| Market capitalization: | $445.65 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
