Barclays to price 15.5% reverse convertibles linked to Southwestern Energy

By Angela McDaniels

Seattle, Oct. 10 - Barclays Bank plc plans to price an offering of reverse convertible notes due Jan. 24, 2008 linked to the common stock of Southwestern Energy Co., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 3.875% for an annualized rate of 15.5%. Interest will be payable monthly.

The payout at maturity will be par unless Southwestern Energy stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Southwestern Energy shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash amount.

The notes will price on Oct. 19 and settle on Oct. 24.

Barclays Capital will be the agent.

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