Barclays plans 10.75% callable reverse convertibles linked to Netflix

By Toni Weeks

San Diego, July 7 - Barclays Bank plc plans to price 10.75% callable reverse convertible notes due July 27, 2012 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par on Oct. 29, Jan. 29, 2012 and April 29, 2012 if the closing share price is greater than or equal to the initial share price.

The payout at maturity will be par in cash unless Netflix shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial price.

The notes (Cusip: 06741JKW8) are expected to price July 26 and settle July 29.

Barclays Capital Inc. is the agent.

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