Barclays plans 8.25%-10.75% trigger yield notes on McDermott via UBS

By Susanna Moon

Chicago, Feb. 22 - Barclays Bank plc plans to price 8.25% to 10.75% trigger yield optimization notes due Aug. 31, 2011 based on the performance of McDermott International, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The face amount of each note will be equal to the initial share price of McDermott stock.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than 80% of the initial share price, in which case the payout will be one McDermott share per note.

The notes (Cusip 06741J851) will price on Feb. 24 and settle on Feb. 28.

UBS Financial Services Inc. and Barclays Capital Inc. are the underwriters.

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