Barclays to sell 8% exchangeables linked to Starbucks

By Jennifer Chiou

New York, March 7 - Barclays Bank plc is planning to price an issue of one-year 8% exchangeable series A notes linked to Starbucks Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will mature on March 16, 2007 and will pay interest monthly.

Payout at maturity will be determined according to the performance of Starbucks stock during the term of the notes. Investors will receive par unless Starbucks stock finishes below the initial share price and it falls below the protection price, which will be 80% of the initial price between March 14, 2006 and March 14, 2007. If the two conditions are met, investors will receive a number of Starbucks shares equal to the principal amount of notes divided by the initial share price.

The notes will be priced on March 14 and are expected to settle on March 17.

Barclays Capital will be the underwriter.

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