New Issue: Barclays prices $4 million 17.25% reverse convertibles linked to Chesapeake Energy

New York, May 28 - Barclays Bank plc priced $4 million of 17.25% reverse convertible notes due Nov. 30, 2009 linked to Chesapeake Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Chesapeake Energy shares fall below the protection price of $13.60, 65% of the initial price of $20.93, during the life of the notes and finish below the initial price in which case the payout will be 47.778309 shares of Chesapeake Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Chesapeake Energy Corp. (Symbol: CHK)
Amount:	$4 million
Maturity:	Nov. 30, 2009
Coupon:	17.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Chesapeake Energy shares fall below the protection price of $13.60, 65% of the initial price, and finish below the initial price, in which case 47.778309 shares of Chesapeake Energy stock
Initial price:	$20.93
Protection price:	$13.60, 65% of $20.93
Exchange ratio:	47.778309
Pricing date:	May 26
Settlement date:	May 29
Agent:	Barclays Capital
Fees:	1.625%

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