New Issue: Barclays prices $10 million more 13.75% reverse convertibles linked to AK Steel

By Jennifer Chiou

New York, March 1 - Barclays Bank plc priced another $10 million of 13.75% reverse convertible notes due Dec. 28, 2010 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The original $3 million priced on Dec. 23.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price of $16.61, 75% of the initial price of $22.14, during the life of the notes and finish below the initial price in which case the payout will be 45.167118 shares of AK Steel stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$13 million (up from $3 million)
Maturity:	Dec. 28, 2010
Coupon:	13.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price of $16.61, 75% of the initial price, and finish below the initial price, in which case 45.167118 shares of AK Steel stock
Initial price:	$22.14
Protection price:	$16.61, 75% of $22.14
Exchange ratio:	45.167118
Pricing date:	Dec. 23 for original $3 million; March 1 for $10 million
Settlement date:	Dec. 31 for original $3 million; March 2 for $10 million
Agent:	Barclays Capital Inc.
Fees:	2.5%
Cusip:	06740JAT7

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