Barclays to price 12% reverse convertibles linked to Reliance Steel & Aluminum

By Laura Lutz

Des Moines, Aug. 8 - Barclays Bank plc plans to price an issue of 12% reverse convertible notes due Feb. 29, 2008 linked to Reliance Steel & Aluminum Co. common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Reliance stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Reliance shares equal to $1,000 divided by the initial share price.

The notes will price on Aug. 23 and settle on Aug. 31.

Barclays Capital will be the agent.

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