New Issue: Barclays prices $5 million add-on to 11% reverse convertibles linked to Archer-Daniels

By Jennifer Chiou

New York, May 27 - Barclays Bank plc priced a $5 million add-on to its issue of 11% reverse convertible notes due Oct. 14, 2009 linked to Archer-Daniels-Midland Co. shares, bringing the total amount to $9 million, according to a 424B3 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Archer-Daniels shares fall below the protection price of $18.05, 70% of the initial price of $25.78, during the life of the notes and finish below the initial price, in which case the payout will be 38.78976 shares of Archer-Daniels stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Archer-Daniels-Midland Co. (Symbol: ADM)
Amount:	$9 million (including $5 million add-on)
Maturity:	Oct. 14, 2009
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Archer-Daniels shares fall below the protection price of $18.05, 70% of the initial price, and finish below the initial price, in which case 38.78976 shares of Archer-Daniels stock
Initial price:	$25.78
Protection price:	$18.05, 70% of $25.78
Exchange ratio:	38.78976
Pricing date:	April 8
Settlement date:	April 14; May 27 for add-on
Agent:	Barclays Capital
Fees:	1.625%

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