Barclays Bank PLC (the “Issuer”) announced today that it
has determined the purchase price of each Formula Price Series (as
defined below) 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 the twenty-four 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, subject to the conditions and restrictions
set out in the Offer to Purchase and Consent Solicitation Statement
dated December 7, 2023 (as amended or supplemented from time to
time, the “Statement”). Capitalized terms used and not
otherwise defined in this announcement have the meanings given in
the Statement.
For each Series included in the table below (each, a “Formula
Price Series”), the Purchase Price per Note will be the
specified dollar amount set forth in the table below, reflecting
the specified premium to the Closing Indicative Note Value of that
Series on March 6, 2024 (the “Expiration Date”).
Title of Note
Bloomberg Ticker
CUSIP / ISIN
Formula Premium
Percentage
Purchase Price per
Note
Closing Indicative Note Value
on March 6, 2024
iPath® Bloomberg Cotton Subindex Total
ReturnSM ETN
BALTF
06739H271 / US06739H2711
3%
$ 80.5164
$ 78.1713
iPath® Bloomberg Coffee Subindex Total
ReturnSM ETN
JJOFF
06739H297 / US06739H2976
3%
$ 19.6003
$ 19.0294
iPath® Bloomberg Tin Subindex Total
ReturnSM ETN
JJTFF
06739H198 / US06739H1986
3%
$ 88.6873
$ 86.1042
iPath® Bloomberg Sugar Subindex Total
ReturnSM ETN
SGGFF
06739H214 / US06739H2141
3%
$ 47.8063
$ 46.4139
The Purchase Price per Note for each Fixed Price Series will be
the previously announced dollar amount specified in the
Statement.
The Purchase Price per Note for each Formula Price Series and
each Fixed Price Series will also be available at
https://ipathetn.barclays/static/tenderoffers.app.
The Offers and Consent Solicitations will expire at 11:59 p.m.,
New York City time, on March 6, 2024 (the “Expiration
Deadline”), unless the Offer with respect to any Series is
extended or early terminated by the Issuer, in which case
notification to that effect will be given by or on behalf of the
Issuer in accordance with the methods set out in the Statement. To
receive the Purchase Price per Note for any Series, Noteholders
must validly tender and not withdraw their Notes of that Series
prior to the Expiration Deadline.
The Issuer intends to announce, inter alia, its decision whether
to accept valid tenders of Notes of any Series for purchase
pursuant to the Offers in an announcement no later than one
business day following the Expiration Deadline.
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 Barclays Capital Inc. 745 Seventh
Avenue New York, New York 10019, United States Telephone: +1
212-528-7990 Attn: Barclays ETN Desk Email:
etndesk@barclays.com
The Tender Agent The Bank of New York Mellon 160 Queen
Victoria Street London EC4V 4LA United Kingdom 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 or exchange
rate, as applicable (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 Barclays Bank PLC: The ETNs are unsecured debt
obligations of Barclays Bank PLC and are not, either directly or
indirectly, an obligation of or guaranteed by any third party. Any
payment to be made on the ETNs, including any payment at maturity
or upon redemption, depends on the ability of Barclays Bank PLC to
satisfy its obligations as they come due. As a result, the actual
and perceived creditworthiness of Barclays Bank PLC will affect the
market value, if any, of the ETNs prior to maturity or redemption.
In addition, if Barclays Bank PLC were to default on its
obligations, you may not receive any amounts owed to you under the
terms of the ETNs.
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 U.S. stock markets or the U.S. Treasury market, the
index components included in the underlying index, and prevailing
market prices of options on such index or any other financial
instruments related to such index; and supply and demand for the
ETNs, including economic, financial, political, regulatory,
geographical or judicial events that affect the level of such index
or other financial instruments related to such index.
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 Trading Market for the ETNs May Not Develop: The ETNs are not
listed on any securities exchange. A trading market for the ETNs
may not develop and the liquidity of the ETNs may be limited.
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 on the exchange through
any brokerage account. 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 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs
and the iPath logo are registered trademarks of Barclays Bank PLC.
All other trademarks, servicemarks or registered trademarks are the
property, and used with the permission, of their respective
owners.
NOT FDIC INSURED · NO BANK
GUARANTEE · MAY LOSE VALUE
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version on businesswire.com: https://www.businesswire.com/news/home/20240306098419/en/
Tim Owen +1 212 526 5103 tim.owen@barclays.com
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