Published on 2/2/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5 million more 11.45% reverse convertibles linked to InterOil
By Susanna Moon
Chicago, Feb. 2 - Barclays Bank plc priced another $5 million of 11.45% reverse convertible notes due Jan. 31, 2012 based on InterOil Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $6.5 million, up from $1.5 million.
The payout at maturity will be par in cash unless InterOil shares fall below the protection price of $45.99, 65% of the initial price of $70.75, during the life of the notes and finish below the initial price in which case the payout will be 14.134276 shares of InterOil stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | InterOil Corp. (Symbol: IOC)
|
| Amount: | $6.5 million, up from $1.5 million
|
| Maturity: | Jan. 31, 2012
|
| Coupon: | 11.45%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless InterOil shares fall below the protection price of $45.99, 65% of the initial price, and finish below the initial price, in which case 14.134276 shares of InterOil stock
|
| Initial price: | $70.75
|
| Protection price: | $45.99, 65% of $70.75
|
| Exchange ratio: | 14.134276
|
| Pricing date: | Jan. 26 for $1.5 million, Feb. 2 for $5 million
|
| Settlement date: | Jan. 31 for $1.5 million, Feb. 3 for $5 million
|
| Agent: | Barclays Capital
|
| Fees: | 2.5%
|
| Cusip: | 06741JAJ8
|
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