New Issue: Barclays prices $1 million more 15% reverse convertibles linked to McMoRan Exploration

By Jennifer Chiou

New York, March 29 - Barclays Bank plc priced an additional $1 million of 15% reverse convertible notes due May 22, 2012 linked to McMoRan Exploration Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $3.7 million. The original $1.2 million of the notes priced on Feb. 17, and another $1.5 million priced on March 21.

The payout at maturity will be par in cash unless McMoRan Exploration shares fall below the protection price of $6.81, 50% of the initial price of $13.62, during the life of the notes and finish below the initial price in which case the payout will be 72.254335 shares of McMoRan Exploration stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	McMoRan Exploration Co. (Symbol: MMR)
Amount:	$3.7 million, increased from $1.2 million
Maturity:	May 22, 2012
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless McMoRan Exploration shares fall below the protection price of $6.81, 50% of the initial price, and finish below the initial price, in which case 72.254335 shares of McMoRan Exploration stock
Initial price:	$13.62
Protection price:	$6.81, 50% of $13.62
Exchange ratio:	72.254335
Pricing dates:	Feb. 17 for $1.2 million; March 21 for $1.5 million; March 27 for $1 million
Settlement dates:	Feb. 23 for $1.2 million; March 26 for $1.5 million; March 30 for $1 million
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06741JSA8

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