New Issue: Barclays prices $1.5 million 14.5% reverse convertibles linked to Zoltek

New York, June 27 - Barclays Bank plc priced $1.5 million of 14.5% reverse convertible notes due Dec. 28, 2007 linked to Zoltek Cos., Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Zoltek falls below the protection price of $28.13, 70% of the initial price of $40.19, during the life of the notes and finishes below the initial price in which case the payout will be 24.881811 shares of Zoltek stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Zoltek Cos., Inc.
Amount:	$1.5 million
Maturity:	Dec. 28, 2007
Coupon:	14.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Zoltek stock stays at or above the protection price of $28.13 and finishes at or above the initial price; otherwise 24.881811 shares of Zoltek stock
Initial price:	$40.19
Protection price:	$28.13, 70% of $40.19
Exchange ratio:	24.881811
Pricing date:	June 26
Settlement date:	June 29
Agent:	Barclays Capital
Agent fee:	2%

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