Barclays to price 9.25% reverse convertibles linked to Lehman

By Angela McDaniels

Seattle, April 30 - Barclays Bank plc plans to price an offering of reverse convertible notes due Nov. 28, 2007 linked to the common stock of Lehman Brothers Holdings Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 4.625% for an annualized rate of 9.25%. Interest will be payable monthly.

The payout at maturity will be par unless Lehman stock falls by more than 15% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Lehman shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline.

The notes will price on May 24 and settle on May 30.

Barclays Capital will be the agent.

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