New Issue: Barclays sells $5 million more 10.75% reverse convertibles on Bank of America

By Susanna Moon

Chicago, Nov. 10 - Barclays Bank plc priced another $5 million of 10.75% reverse convertible notes due Sept. 30, 2011 based on Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $6 million, up from $1 million.

The payout at maturity will be par in cash unless Bank of America shares fall below the protection price of $10.59, 80% of the initial price of $13.24, during the life of the notes and finish below the initial price in which case the payout will be 75.528701 shares of Bank of America stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Bank of America Corp. (Symbol: BAC)
Amount:	$6 million, up from $1 million
Maturity:	Sept. 30, 2011
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bank of America shares fall below the protection price of $10.59, 80% of the initial price, and finish below the initial price, in which case 75.528701 shares of Bank of America stock
Initial price:	$13.24
Protection price:	$10.59, 80% of $13.24
Exchange ratio:	75.528701
Pricing date:	Sept. 27 for $1 million, Nov. 10 for $5 million
Settlement date:	Sept. 30 for $1 million, Nov. 16 for $5 million
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06740PRT5

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