Barclays Bank PLC Updates Announcement of 5 Cash Tender Offers and Consent Solicitations
- determined the results of the Offer and Consent Solicitation for the Series included in Table 1 below (the “Expired Series”); and
- extended the expiration deadline for the Offer and Consent Solicitation with respect to each Series included in Table 2 below (each, an “Extended Series”) and amended the purchase price per Note (the “Purchase Price”) for certain Extended Series as set forth in Table 2 below.
Each Offer and Consent Solicitation is subject to the conditions and restrictions set out in the Initial Statement, as supplemented by Supplement No. 9 dated
Expired Series
The Offer and Consent Solicitation for the Expired Series expired at
Table 1: Expired Series
Title of Note |
Bloomberg
|
CUSIP / ISIN |
Purchase Price per Note |
Number of Notes Tendered |
Aggregate Purchase Price |
iPath® Bloomberg Platinum Subindex Total Return℠ ETN |
PGMFF |
06739H255 / US06739H2554 |
|
40, 542 |
|
Pursuant to the Consent Solicitation for the Expired Series, the Issuer has obtained the requisite consents to the Proposed Amendment, as described in the Initial Statement, with that respect to that Series.
Notes purchased by the Issuer pursuant to the Offer with respect to the Expired Series will be cancelled on the Settlement Date. The Issuer currently intends to effectuate the Proposed Amendment for the Expired Series promptly after the Expiration Date and redeem all outstanding Notes at any time after the Proposed Amendment becomes effective with respect to that Series. As described in the Initial Statement, the Issuer will publicly announce any decision to redeem the outstanding Notes of the Expired Series by issuing a redemption notice. The payment upon redemption to Noteholders for the Expired Series may be greater than or less than the Purchase Price for that Series pursuant to the relevant Offer but will not include any premium payment or any amount in excess of the applicable Closing Indicative Note Value on the Valuation Date of such redemption.
Extended Series
The Offer and Consent Solicitation with respect to each Extended Series were previously scheduled to expire at
In addition, the Purchase Price per Note applicable to certain Extended Series has been amended. Any Purchase Price per Note that has been amended from the value specified in the Initial Statement is presented in boldface type in Table 2 below. The specified Purchase Price per Note for each Extended Series reflects a premium to the Closing Indicative Note Value of that Series on
Table 2: Extended Series
Title of Note |
Bloomberg
|
CUSIP / ISIN |
Purchase Price per Note* |
Closing Indicative Note Value on |
Number of Notes Tendered |
iPath® CBOE S&P 500 BuyWrite Index℠ ETN |
BWVTF |
06739F135 / GB00B1WL1590 |
|
|
6,191 |
iPath® Bloomberg Livestock Subindex Total Return℠ ETN |
COWTF |
06739H743 / US06739H7439 |
|
|
25,344 |
iPath® Bloomberg Copper Subindex Total Return℠ ETN |
JJCTF |
06739F101 / US06739F1012 |
|
|
80,186 |
iPath® Bloomberg Energy Subindex Total Return℠ ETN |
JJETF |
06739H750 / US06739H7504 |
|
|
26,553 |
* The Purchase Price for each Series is a set dollar amount and may be lower than the Closing Indicative Note Value of that Series on the Expiration Date.
If a Noteholder has already validly tendered and not withdrawn its Notes of an Extended Series pursuant to an Offer set forth in the Initial Statement, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a valid tender for purposes of the relevant Offer, as amended hereby. As of
Because the Closing Indicative Note Value for each Series is calculated based on the applicable Closing Index Level, if the applicable Closing Index Level has increased as of the Expiration Date, the Purchase Price of that Series may be significantly less than the Closing Indicative Note Value on the Expiration Date. In addition, the Notes of any Series may trade at a substantial premium to or discount from the applicable Closing Indicative Note Value. Accordingly, the Purchase Price for any Series may be lower than the trading price of the Notes of that Series on the Expiration Date. If on or prior to the Expiration Date, the applicable Closing Index Level with respect to any Series set forth in Table 2 above has increased or decreased from its level on
On each Trading Day while an Offer remains open, the Purchase Price for the relevant Series, as well as the Closing Index Level and the Closing Indicative Note Value for that Trading Day for the relevant Series, will be published for that Series by
Subject to applicable law, the Offer and Consent Solicitation for each Series is being made independently of the Offer and Consent Solicitation for each other Series, and the Issuer reserves the right, subject to applicable law, to withdraw or terminate the Offer and Consent Solicitation for any Series if any of the conditions described in the Statement have not been satisfied or waived without also withdrawing or terminating any other Offer or Consent Solicitation. In addition, the Issuer reserves the right, subject to applicable law, to extend or amend the Offer and Consent Solicitation for any Series at any time and for any reason without also extending or amending any other Offer or Consent Solicitation.
For Further Information
A complete description of the terms and conditions of the Offers is set out in the Statement. Copies of the Statement are available at http://ipathetn.barclays/static/tenderoffers.app. Further details about the transaction can be obtained from:
The Dealer Manager
Telephone: +1 212-528-7990
Attn: Barclays ETN Desk
Email: etndesk@barclays.com
The Tender Agent
The Bank of New York Mellon
Attn: Debt Restructuring Services
Telephone: +44 1202 689644
Email: debtrestructuring@bnymellon.com
DISCLAIMER
This announcement must be read in conjunction with the Statement. No offer or invitation to acquire or exchange any securities is being made pursuant to this announcement. This announcement and the Statement contain important information, which must be read carefully before any decision is made with respect to the Offers and Consent Solicitations. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, lawyer, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in an Offer and Consent Solicitation. None of the Issuer, the Dealer Manager or the Tender Agent (or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons) makes any recommendation as to whether Noteholders should participate in any Offer and Consent Solicitation.
General
Neither this announcement, the Statement nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes for purchase pursuant to the Offers will not be accepted from Noteholders) in any circumstances in which such Offer or solicitation is unlawful. In those jurisdictions where the Notes, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Issuer in such jurisdiction. None of the Issuer, the Dealer Manager or the Tender Agent (or any director, officer, employee, agent or affiliate of, any such person) makes any recommendation as to whether Noteholders should tender Notes in the Offers or Consent Solicitations. In addition, each Noteholder participating in an Offer will be deemed to give certain representations in respect of the other jurisdictions referred to below and generally as set out in the Statement under the section entitled “Procedures for Participating in the Offer.” Any tender of Notes for purchase pursuant to an Offer from a Noteholder that is unable to make these representations will not be accepted.
About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a full-service corporate and investment bank. For further information about Barclays, please visit our website www.barclays.com.
Selected Risk Considerations
An investment in the ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any change in the level of the underlying index (the “index”) between the inception date and the applicable valuation date. Additionally, if the level of the index is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the level of such index has increased or decreased, as the case may be. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
Credit of
Market and Volatility Risk: The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the commodity markets, the
Concentration Risk: Because the ETNs are linked to an index composed of futures contracts on a single commodity or in only one commodity sector, the ETNs are less diversified than other funds. The ETNs can therefore experience greater volatility than other funds or investments.
A
No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs.
Uncertain Tax Treatment: Significant aspects of the tax treatment of the ETNs are uncertain. You should consult your own tax advisor about your own tax situation.
The ETNs may be sold throughout the day through certain brokerage accounts. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of ETNs. Sales in the secondary market may result in significant losses.
© 2024
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
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Press:
+1 212 526 1472
Ann.Thielke@barclays.com
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