New Issue: Barclays prices $10 million more 11.5% reverse convertibles linked to Royal Caribbean

By Jennifer Chiou

New York, March 24 - Barclays Bank plc priced $10 million of additional 11.5% reverse convertible notes due Aug. 26, 2011 linked to Royal Caribbean Cruises Ltd. shares, adding to the original $1.5 million, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Royal Caribbean shares fall below the protection price of $34.62, 80% of the initial price of $43.27, during the life of the notes and finish below the initial price in which case the payout will be 23.1107 shares of Royal Caribbean stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Royal Caribbean Cruises Ltd. (Symbol: RCL)
Amount:	$11.5 million (up from original $1.5 million)
Maturity:	Aug. 26, 2011
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Royal Caribbean shares fall below the protection price of $34.62, 80% of the initial price, and finish below the initial price, in which case 23.1107 shares of Royal Caribbean stock
Initial price:	$43.27
Protection price:	$34.62, 80% of $43.27
Exchange ratio:	23.1107
Pricing date:	Feb. 23 for $1.5 million; March 23 for $10 million
Settlement date:	Feb. 28 for original issue; March 28 for add-on
Agent:	Barclays Capital Inc.
Fees:	1.625%
Cusip:	06741JDR7

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