New Issue: Barclays prices $2 million 13% reverse convertibles linked to Seagate

New York, Nov. 30 - Barclays Bank plc priced $2 million of 13% reverse convertible notes due May 26, 2010 linked to Seagate Technology shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Seagate shares fall below the protection price of $11.94, 75% of the initial price of $15.92, during the life of the notes and finish below the initial price in which case the payout will be 62.81407 shares of Seagate stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Seagate Technology (Symbol: STX)
Amount:	$2 million
Maturity:	May 26, 2010
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Seagate shares fall below the protection price of $11.94, 75% of the initial price, and finish below the initial price, in which case 62.81407 shares of Seagate stock
Initial price:	$15.92
Protection price:	$11.94, 75% of $15.92
Exchange ratio:	62.81407
Pricing date:	Nov. 23
Settlement date:	Nov. 30
Agent:	Barclays Capital
Fees:	1.625%

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