Barclays to price 15.25% reverse convertibles linked to Parker Drilling

By Jennifer Chiou

New York, Oct. 10 - Barclays Bank plc plans to price 15.25% annualized reverse convertible notes due Jan. 30, 2008 linked to Parker Drilling Co. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Parker Drilling shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Oct. 26 and settle on Oct. 31.

Barclays Capital is the agent.

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