Barclays to sell 15% exchangeables linked to Rambus

By Jennifer Chiou

New York, Feb. 13 - Barclays Bank plc is planning to price an issue of one-year 15% exchangeable series A notes linked to Rambus Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will mature on Feb. 28, 2007 and will pay interest monthly.

Payout at maturity will be based on the performance of Rambus stock during the term of the notes. Investors will receive par unless Rambus stock finishes below the initial share price and it falls below the protection price, which will be 50% of the initial price between Feb. 24, 2006 and Feb. 26, 2007. If the two conditions are met, investors will receive a number of Rambus shares equal to the principal amount of notes divided by the initial share price.

The notes will be priced on Feb. 24 and are expected to settle on Feb. 28.

Barclays Capital will be the underwriter.

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