New Issue: Barclays sells $3 million 9.25% six-month reverse convertibles linked to UnitedHealth

By E. Janene Geiss

Philadelphia, April 24 - Barclays Bank plc priced $3 million of 4.625% (9.25% annual equivalent) reverse convertible notes due Oct. 26, 2007 linked to UnitedHealth Group Inc. class A stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if UnitedHealth stock stays at or above the protection price, 85% of the initial price of $53.20, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in UnitedHealth stock, with the number of shares equal to $1,000 divided by the initial share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	UnitedHealth Group Inc.
Amount:	$3 million
Maturity:	Oct. 26, 2007
Coupon:	4.625% (9.25% annual equivalent), payable monthly
Price:	Par
Payout at maturity:	Par in cash if UnitedHealth stock stays at or above the protection price of $45.22 and finishes at or above the initial price; otherwise shares of UnitedHealth stock equal to $1,000 divided by the initial price
Initial price:	$53.20
Protection price:	$45.22, 85% of $53.20
Exchange ratio:	18.797
Pricing date:	April 20
Settlement date:	April 27
Agent:	Barclays Capital
Agent fee:	1.375%

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