New Issue: Barclays sells $3 million 11.5% reverse convertibles linked to Southwestern Energy

By Angela McDaniels

Seattle, April 26 - Barclays Bank plc priced $3 million of 11.5% reverse convertible notes due April 27, 2007 linked to Southwestern Energy Co. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Southwestern Energy stock stays at or above the protection price during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be a number of shares of Southwestern Energy stock equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Southwestern Energy Co.
Amount:	$3 million
Maturity:	April 27, 2007
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Southwestern Energy stock stays at or above $26.705 during the life of the notes or finishes at or above the initial price; otherwise 26.212 shares of Southwestern Energy stock
Initial share price:	$38.15
Protection price:	$26.705, 70% of initial share price
Pricing date:	April 25
Settlement date:	April 28
Underwriter:	Barclays Capital

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