New Issue: Barclays prices $1 million 10.375% notes linked to Seagate

New York, Feb. 26 - Barclays Bank plc priced a $1 million offering of reverse convertible notes due Aug. 28, 2007 linked to the common stock of Seagate Technology, according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay interest monthly at an annualized rate of 10.375%.

The payout at maturity will be par unless Seagate stock falls below the protection price of $22.40 during the life of the notes and finishes below the initial share price of $28.00, in which case the payout will be a number of Seagate shares equal to $1,000 divided by the initial share price or the cash equivalent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Seagate Technology
Amount:	$1 million
Maturity:	Aug. 28, 2007
Coupon:	10.375%, payable monthly
Price:	Par
Payout at maturity:	Par if Seagate remains at or above the protection price of $22.40 during the life of the notes and finishes at or above the initial share price; otherwise, 35.714286 Seagate shares or the cash equivalent
Initial share price:	$28.00
Protection price:	$22.40, 80% of initial share price
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays Capital Inc.
Agent fees:	2%

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