New Issue: Barclays sells $10 million more 13% reverse convertibles linked to Elan

By Susanna Moon

Chicago, March 2 - Barclays Bank plc priced $10 million more 13% reverse convertible notes due Feb. 25, 2011 linked to Elan Corp., plc American Depositary Receipts, according to a 424B3 filing with the Securities and Exchange Commission.

This brings the total deal size to $12.5 million. Barclays originally priced $2.5 million of the notes on Feb. 23.

The payout at maturity will be par in cash unless Elan shares fall below the protection price of $4.66, 70% of the initial price of $6.65, during the life of the notes and finish below the initial price in which case the payout will be 150.37594 shares of Elan stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Elan Corp., plc (ADR) (Symbol: ELN)
Amount:	$2.5 million
Maturity:	Feb. 25, 2011
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Elan shares fall below the protection price of $4.66, 70% of the initial price, and finish below the initial price, in which case 150.37594 shares of Elan stock
Initial price:	$6.65
Protection price:	$4.66, 70% of $6.65
Exchange ratio:	150.37594
Pricing dates:	Feb. 23 for $2.5 million; March 2 for $10 million
Settlement dates:	Feb. 26 for $2.5 million; March 3 for $10 million
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06740JD80

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