Barclays plans to price 10% reverse convertibles on Micron Technology

By Toni Weeks

San Diego, March 9 - Barclays Bank plc plans to price 10% single observation callable reverse convertible notes due March 16, 2012 linked to the common stock of Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The face value of each note will be equal to the initial price of Micron Technology shares.

The notes will be automatically called at par if the closing price of Micron Technology shares is greater than or equal to the initial share price on any of the quarterly call valuation dates beginning on June 13.

If the notes are not called and the final share price is at least 60% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of Micron Technology shares equal to the principal amount of notes divided by the initial share price, or the equivalent cash value.

Barclays Capital Inc. is the agent.

The notes (Cusip: 06741JFE4) are expected to price on March 14 and settle March 17.

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