Barclays to price 8.55% reverse convertibles linked to Intel

By Laura Lutz

Washington, Dec. 1 - Barclays Bank plc plans to price an issue of 8.55% reverse convertible notes due Dec. 27, 2007 linked to the common stock of Intel Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be paid monthly.

At maturity, investors will receive par unless Intel stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Intel shares equal to $1,000 divided by the initial share price.

The notes were scheduled to price on Dec. 21 and settle on Dec. 27.

Barclays Capital will be the agent.

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