International Petroleum Investment Disposal Of 1.3 Billion Barclays Shares
June 02 2009 - 2:40AM
Dow Jones News
International Petroleum Investment Company (IPIC), an investor
in the hydrocarbon sector outside the Emirate of Abu Dhabi, said
Tuesday that it intends to dispose of certain of its interests in
Barclays.
MAIN FACTS:
-PCP Gulf Invest 1, a wholly-owned (indirect) subsidiary of
IPIC, holds 9.75% Mandatorily Convertible Notes due Sep. 30, of
Barclays Bank (MCNs). PCP Gulf Invest 1 intends to dispose of the
ordinary shares of Barclays for which the MCNs are exchangeable by
means of an accelerated bookbuild. The MCNs owned by PCP Gulf
Invest 1 are convertible into 1.3bn shares of Barclays.
-In addition, PCP Gulf Invest 2, a wholly-owned (indirect)
subsidiary of IPIC, is considering the disposal of its 14%. Step Up
Callable Reserve Capital Instruments of Barclays Bank (RCIs). PCP
Gulf Invest 2 owns a total of GBP1.25bn of RCIs.
-Credit Suisse Securities (Europe) is acting as sole bookrunner
with respect to the potential disposals and has commenced
bookbuilding for the ordinary shares. It is anticipated that the
books will close on or before Jun. 3.
-With regards to IPIC's indirect interest in the warrants of
Barclays issued to IPIC's wholly-owned (indirect) subsidiary, PCP
Gulf Invest 3 on Oct. 31, 2008, there is no current intention to
exercise, sell in the market or hedge any such warrants.
-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com