Barclays to price 12.25% reverse convertibles linked to Barrick

By Laura Lutz

Des Moines, Jan. 10 - Barclays Bank plc plans to price 12.25% reverse convertible notes due Jan. 30, 2009 linked to the common stock of Barrick Gold Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Barrick stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Barrick shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes are expected to price on Jan. 28 and settle on Jan. 31.

Barclays Capital is the underwriter.

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