“Barclays bank PLC increases purchase price of certain cash tender offers and consent solicitations.
“Barclays Bank PLC (the “Issuer”) announced today that, in connection with its previously announced cash tender offers (each, an “Offer”) to purchase any and all of its outstanding exchange-traded notes (the “Notes” or the “ETNs”) of sixteen separate series (each, a “Series”) and the solicitation of consents (each, a “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provisions of the Notes with respect to each Series, it has increased the Purchase Price per Note applicable to certain Series.
Each Offer and Consent Solicitation is subject to the conditions and restrictions set out in the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as supplemented by Supplement No. 1 dated March 7, 2024 (“Supplement No. 1”) and Supplement No. 2 dated March 20, 2024 (as so supplemented, and as it may be further supplemented or amended from time to time, the “Statement”). Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement. Except as otherwise set forth below, the terms and conditions of the Offers and Consent Solicitations as set forth in Supplement No. 1 will continue to apply.
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Purchase Price Amendments
For each Series listed in the table below, the Purchase Price per Note has been increased from the value specified in Supplement No. 1. The specified Purchase Price per Note for each Series listed below reflects a premium to the Closing Indicative Note Value of that Series on March 20, 2024. The Purchase Price may be lower than the trading price of the Notes of that Series on the Expiration Date. The Expiration Date for each Series is April 3, 2024 and has not changed from the date specified in Supplement No. 1.
|
Title of Note |
Bloomberg |
CUSIP / ISIN |
Purchase Price |
Closing Indicative Note Value on |
|
iPath® CBOE S&P 500 BuyWrite IndexSM ETN |
BWVTF |
06739F135 / GB00B1WL1590 |
$107.00 |
$103.26 |
|
iPath® Bloomberg Livestock Subindex Total ReturnSM ETN |
COWTF |
06739H743 / US06739H7439 |
$21.50 |
$20.30 |
|
iPath® GBP/USD Exchange Rate ETN |
GBBEF |
06739F176 / GB00B1WPB621 |
$37.00 |
$35.12 |
|
iPath® Global Carbon ETN |
GRNTF |
06739H164 / US06739H1648 |
$84.00 |
$80.87 |
|
iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN |
JJATF |
06739H206 / US06739H2067 |
$45.00 |
$43.16 |
|
iPath® Bloomberg Copper Subindex Total ReturnSM ETN |
JJCTF |
06739F101 / US06739F1012 |
$48.00 |
$46.06 |
|
iPath® Bloomberg Grains Subindex Total ReturnSM ETN |
JJGTF |
06739H305 / US06739H3057 |
$31.50 |
$30.34 |
|
iPath® Bloomberg Industrial Metals Subindex Total ReturnSM ETN |
JJMTF |
06738G407 / US06738G4073 |
$36.00 |
$34.16 |
|
iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN |
JJPFF |
06739H248 / US06739H2489 |
$91.00 |
$87.92 |
* The Purchase Price 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 a Series pursuant to an Offer set forth in Supplement No. 1, 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. Any increase to the Purchase Price per Note set forth above will be applicable to such Notes. The Purchase Price is payable on April 10, 2024, unless the relevant Offer is further extended or early terminated by the Issuer.
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.
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.
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