Barclays to price 15.4% reverse convertibles linked to NutriSystem

By Angela McDaniels

Seattle, June 5 - Barclays Bank plc plans to price an offering of reverse convertible notes due Dec. 28, 2007 linked to the common stock of NutriSystem Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 7.7% for an annualized rate of 15.4%. Interest will be payable monthly.

If NutriSystem stock falls by more than 25% during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of NutriSystem shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value. Otherwise, the payout will be par.

The notes will price on June 26 and settle on June 29.

Barclays Capital will be the agent.

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