Published on 4/20/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.25 million 9.25% reverse convertibles linked to Whirlpool
New York, April 20 - Barclays Bank plc priced $2.25 million of 9.25% reverse convertible notes due April 25, 2008 linked to Whirlpool Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Whirlpool stock stays at or above the protection price, 80% of the initial price of $89.68, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be 11.150758 shares of Whirlpool stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Whirlpool Corp.
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Amount: | $2.25 million
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Maturity: | April 25, 2008
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Whirlpool stock stays at or above the protection price of $71.74 and finishes at or above the initial price; otherwise 11.150758 shares of Whirlpool stock
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Initial price: | $89.68
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Protection price: | $71.74, 80% of $89.68
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Exchange ratio: | 11.150758
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Pricing date: | April 19
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Settlement date: | April 26
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Agent: | Barclays Capital
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Agent fee: | 2.40%
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