Barclays to price 15.5% reverse convertibles linked to Massey Energy

By E. Janene Geiss

Philadelphia, April 9 - Barclays Bank plc plans to price 15.5% reverse convertible notes due Oct. 29, 2008 linked to the common stock of Massey Energy Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Massey Energy stock falls below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Massey Energy shares equal to par divided by the initial share price, or the equivalent cash value, at Barclays' option.

Otherwise, the payout will be par.

The notes are expected to price on April 25 and settle on April 30.

Barclays Capital is the underwriter.

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