Barclays to price 13% reverse convertibles linked to National Oilwell Varco

New York, June 19 - Barclays Bank plc plans to price 13% reverse convertible notes due Sept. 25, 2008 linked to National Oilwell Varco, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless National Oilwell Varco shares fall below 70% of the initial price during the life of the notes and finishes below the initial price, in which case the payout will be a number of National Oilwell Varco shares equal to $1,000 divided by the initial price.

The notes are expected to price on June 20 and settle on July 3.

Barclays Capital is the agent.

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