Barclays to price 17% reverse convertibles linked to Merrill Lynch

By Angela McDaniels

Tacoma, Wash., Dec. 10 - Barclays Bank plc plans to price reverse convertible notes due June 25, 2008 linked to the common stock of Merrill Lynch & Co., Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 8.5% for an annualized rate of 17%. Interest will be payable monthly.

The payout at maturity will be par unless Merrill Lynch stock falls by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Merrill Lynch shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.

The notes will price on Dec. 21 and settle on Dec. 31.

Barclays Capital Inc. will be the agent.

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