Barclays to price 18.65% Buffered Reverse Convertibles linked to Dow Chemical

By E. Janene Geiss

Philadelphia, Feb. 17 - Barclays Bank plc plans to price Buffered Reverse Convertible Notes due Aug. 27, 2009 linked to the common stock of the Dow Chemical Co., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 9.325% for an annualized coupon of 18.65%. Interest will be payable monthly.

The payout at maturity will be par unless the final share price is less than 75% of the initial price, in which case the payout will be $250 in cash plus a number of Dow Chemical shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.

The notes are expected to price Feb. 24 and settle Feb. 27.

Barclays Capital Inc. is the agent.

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