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Barclays to price 16.75% reverse convertibles linked to Chesapeake Energy
New York, April 16 - Barclays Bank plc plans to price 16.75% reverse convertible notes due Oct. 30, 2009 linked to Chesapeake Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Chesapeake Energy shares fall below 60% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Chesapeake Energy shares equal to $1,000 divided by the initial price.
The notes are expected to price on April 27 and settle on April 30.
Barclays Capital is the agent.
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