Barclays to price 20% reverse convertible notes linked to Energy Conversion

By Angela McDaniels

Seattle, May 18 - Barclays Bank plc plans to price an offering of reverse convertible notes due Sept. 6, 2007 linked to the common stock of Energy Conversion Devices, Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 5% for an annualized rate of 20%. Interest will be payable monthly.

The payout at maturity will be par unless Energy Conversion Devices stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Energy Conversion Devices shares equal to $1,000 divided by the initial share price.

The notes will price on June 1 and settle on June 6.

Barclays Capital will be the agent.

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