Barclays to price 10.25% reverse convertibles linked to Verizon

By Angela McDaniels

Seattle, Oct. 10 - Barclays Bank plc plans to price an offering of 10.25% reverse convertible notes due Oct. 29, 2008 linked to the common stock of Verizon Communications Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

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

The notes will price on Oct. 26 and settle on Oct. 31.

Barclays Capital will be the agent.

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