Barclays to price callable contingent coupon notes linked to Seadrill

By Angela McDaniels

Tacoma, Wash., March 10 - Barclays Bank plc plans to price callable contingent coupon notes due March 17, 2016 linked to the common stock of Seadrill Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon of 3.75% (equivalent to 15% per year) if the closing price of Seadrill shares is greater than or equal to the barrier price, 70% of the initial share price, on the observation date for that quarter.

The notes are callable on any coupon payment date at par.

If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of Seadrill shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.

Barclays is the agent.

The notes will price March 13 and settle March 18.

The Cusip number is 06741J6Y0.

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