Barclays to price 19.5% reverse convertibles linked to Apple

By Angela McDaniels

Seattle, Sept. 11 - Barclays Bank plc plans to price reverse convertible notes due Dec. 28, 2007 linked to the common stock of Apple, Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 4.875% for an annualized rate of 19.5%. Interest will be payable monthly.

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

The notes will price on Sept. 25 and settle on Sept. 28.

Barclays Capital will be the agent.

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