New Issue: Barclays prices $5 million 15.75% reverse convertibles linked to Chesapeake Energy

New York, June 16 - Barclays Bank plc priced $5 million of 15.75% reverse convertible notes due Dec. 16, 2009 linked to Chesapeake Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Chesapeake Energy shares fall below the protection price of $15.50, 65% of the initial price of $23.84, during the life of the notes and finish below the initial price in which case the payout will be 41.946309 shares of Chesapeake Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Chesapeake Energy Corp. (Symbol: CHK)
Amount:	$5 million
Maturity:	Dec. 16, 2009
Coupon:	15.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Chesapeake Energy shares fall below the protection price of $15.50, 65% of the initial price, and finish below the initial price, in which case 41.946309 shares of Chesapeake Energy stock
Initial price:	$23.84
Protection price:	$15.50, 65% of $23.84
Exchange ratio:	41.946309
Pricing date:	June 12
Settlement date:	June 17
Agent:	Barclays Capital
Fees:	1.625%

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