Barclays to price 10.5% reverse convertibles linked to Norfolk Southern

By Laura Lutz

Des Moines, July 10 - Barclays Bank plc plans to price an issue of 10.5% reverse convertible notes due Jan. 31, 2008 linked to Norfolk Southern Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Norfolk Southern stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Norfolk Southern shares equal to $1,000 divided by the initial share price.

The notes will price on July 25 and settle on Aug. 6.

Barclays Capital will be the agent.

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