New Issue: Barclays prices $10 million more 11.5% reverse convertibles on Delta

By Toni Weeks

San Diego, March 22 - Barclays Bank plc priced $10 million of additional 11.5% reverse convertible notes due March 16, 2012 linked to Delta Airlines, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the issue size to $11.5 million. The original $1.5 million of notes priced on March 15.

The payout at maturity will be par in cash unless Delta Airlines shares fall below the protection price of $7.48, 70% of the initial price of $10.69, during the life of the notes and finish below the initial price, in which case the payout will be 93.54537 shares of Delta Airlines stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Delta Airlines, Inc. (Symbol: DAL)
Amount:	$11.5 million, increased from $1.5 million
Maturity:	March 16, 2012
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Delta Airlines shares fall below the protection price of $7.48, 70% of the initial price, and finish below the initial price, in which case 93.54537 shares of Delta Airlines stock
Initial price	$10.69
Protection price:	$7.48, 70% of initial
Exchange ratio:	93.54537
Pricing dates:	March 15 for original issue; March 21 for add-on
Settlement dates:	March 18 for original issue; March 24 for add-on
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06741JEU9

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