Barclays to price 15.25% reverse convertibles linked to Devon Energy

New York, Aug. 22 - Barclays Bank plc plans to price 15.25% reverse convertible notes due Feb. 27, 2009 linked to Devon Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Devon Energy shares fall below 75% 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 Devon Energy shares equal to $1,000 divided by the initial price.

This deal replaces a similar offering announced earlier by Barclays linked to Dynegy Inc.

The notes are expected to price on Aug. 26 and settle on Aug. 29.

Barclays Capital is the agent.

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