New Issue: Barclays prices $7 million add-on to 14% reverse convertibles linked to General Electric

By Jennifer Chiou

New York, May 27 - Barclays Bank plc priced a $7 million add-on to its issue of 14% reverse convertible notes due Nov. 12, 2009 linked to General Electric Co. shares, lifting the total to $12 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 General Electric shares fall below the protection price of $8.38, 60% of the initial price of $13.96, during the life of the notes and finish below the initial price, in which case the payout will be 71.633238 shares of General Electric stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	General Electric Co. (Symbol: GE)
Amount:	$12 million (including $7 million add-on)
Maturity:	Nov. 12, 2009
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless General Electric shares fall below the protection price of $8.38, 60% of the initial price, and finish below the initial price, in which case 71.633238 shares of General Electric stock
Initial price:	$13.96
Protection price:	$8.38, 60% of $13.96
Exchange ratio:	71.633238
Pricing date:	May 7
Settlement date:	May 12; May 27 for add-on
Agent:	Barclays Capital Inc.
Fees:	1.625%

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