New Issue: Barclays prices $1.2 million 15% reverse convertibles linked to McMoRan Exploration

New York, Feb. 22 - Barclays Bank plc priced $1.2 million of 15% reverse convertible notes due May 22, 2012 linked to McMoRan Exploration Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless McMoRan Exploration shares fall below the protection price of $6.81, 50% of the initial price of $13.62, during the life of the notes and finish below the initial price in which case the payout will be 72.254335 shares of McMoRan Exploration stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	McMoRan Exploration Co. (Symbol: MMR)
Amount:	$1.2 million
Maturity:	May 22, 2012
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless McMoRan Exploration shares fall below the protection price of $6.81, 50% of the initial price, and finish below the initial price, in which case 72.254335 shares of McMoRan Exploration stock
Initial price:	$13.62
Protection price:	$6.81, 50% of $13.62
Exchange ratio:	72.254335
Pricing date:	Feb. 17
Settlement date:	Feb. 23
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06741JSA8

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