By Angela McDaniels
Tacoma, Wash., March 25 – Barclays Bank plc priced $303 million of additional 0% iPath S&P GSCI Crude Oil Total Return index exchange-traded notes due Aug. 14, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
The $1.5 billion principal amount of additional notes have an aggregate market price of $303 million based on $10.10, which is the average of the high and low prices of the ETNs reported on NYSE Arca on March 24.
The additional notes bring the issue size to $6.5 billion. The company priced $500 million of notes at par of $50 on Aug. 15, 2006, $1 billion on Dec. 29, 2008, $1 billion on Jan. 20, 2009 and $2.5 billion on Feb. 18, 2009.
The index is a sub-index of the S&P GSCI Commodity index and reflects the excess returns that are potentially available through an unleveraged investment in a West Texas Intermediate crude oil futures contract, plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying contract.
The payout at maturity will be par plus the index return minus the investor fee. The investor fee was initially zero and increases each day by an amount equal to 0.75% of par plus the index return on that day divided by 365.
The notes are putable at any time, subject to a minimum of 50,000 securities. The payout will be calculated in the same way as the payout at maturity.
The notes are listed on the NYSE Arca under the symbol "OIL."
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath exchange-traded notes
|
| Underlying index: | S&P GSCI Crude Oil Total Return
|
| Amount: | $6.5 billion, upsized from $500 million
|
| Maturity: | Aug. 14, 2036
|
| Coupon: | 0%
|
| Price: | Par of $50 for original issue; at market or negotiated prices for remainder
|
| Payout at maturity: | Par plus index return minus investor fee, which is calculated on daily basis and equals 0.75% of par per year multiplied by index factor divided by 365
|
| Put option: | At any time, with payout determined in same way as payout at maturity; minimum redemption requirement of 50,000 notes
|
| Pricing dates: | Aug. 15, 2006 for $500 million; Dec. 29, 2008 for $1 billion; Jan. 20, 2009 for $1 billion; Feb. 18, 2009 for $2.5 billion; March 25 for $1.5 billion
|
| Settlement date: | Aug. 18, 2006 for $500 million; Dec. 29, 2008 for $1 billion; Jan. 23, 2009 for $1 billion; Feb. 23, 2009 for $2.5 billion; March 26 for $1.5 billion
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Listing: | NYSE Arca: OIL
|
| Cusip: | 06738C786
|
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