Barclays to price 10.65% six-month reverse convertible notes linked to Circuit City

By E. Janene Geiss

Philadelphia, May 29 - Barclays Bank plc plans to price an offering of reverse convertible notes due Dec. 7, 2007 linked to the common stock of Circuit City Stores, Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 5.325% for an annualized rate of 10.65%. Interest will be payable monthly.

The payout at maturity will be par unless Circuit City stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Circuit City shares equal to $1,000 divided by the initial share price.

The notes will price June 5 and settle June 8.

Barclays Capital will be the agent.

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