Barclays to price 12.25% reverse convertible notes linked to BJ Services

By Jennifer Chiou

New York, Oct. 11 - Barclays Bank plc plans to price 12.25% annualized reverse convertible notes due April 16, 2008 linked to the common stock of BJ Services Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless BJ Services stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of BJ Services shares equal to $1,000 divided by the initial share price.

The notes will price on Oct. 12 and settle on Oct. 17.

Barclays Capital will be the agent.

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