Barclays to price 11% reverse convertibles linked to Whirlpool

By E. Janene Geiss

Philadelphia, Dec. 5 - Barclays Bank plc plans to price reverse convertible notes due June 25, 2008 linked to the common stock of Whirlpool Corp., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 5.5% for an annualized rate of 11%. Interest will be payable monthly.

If Whirlpool 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, the payout at maturity will be a number of Whirlpool shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes are expected to price on Dec. 21 and settle on Dec. 31.

Barclays Capital is the underwriter.

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