Barclays plans single observation reverse convertibles on Peabody

By Jennifer Chiou

New York, June 23 - Barclays Bank plc plans to price 12% single observation reverse convertible notes due July 13, 2012 linked to the common stock of Peabody Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If the final share price is at least 79% to 87% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of Peabody shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares. The exact protection level will be set at pricing.

The notes (Cusip: 06741JJH3) will price on July 11 and settle on July 15.

Barclays Capital Inc. is the agent.

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