Barclays to price 11.5% reverse convertibles linked to Whole Foods

By Angela McDaniels

Seattle, Nov. 27 - Barclays Bank plc plans to price an issue of reverse convertible notes due June 13, 2007 linked to the common stock of Whole Foods Market, Inc., according to an FWP filing with the Securities and Exchange Commission.

Pricing will be on Dec. 8, with settlement on Dec. 13.

The six-month notes will pay 5.75% for an annualized rate of 11.5%. Interest will be payable monthly.

The payout at maturity will be par in cash unless Whole Foods stock falls below the protection price - 80% of the initial share price - during the life of the notes and ends below the initial share price, in which case the payout will be a number of Whole Foods shares equal to $1,000 divided by the initial share price.

Barclays Capital will be the agent for the offering.

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