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
the thirteen separate series listed in tables below (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:
- determined the results of the Offer and Consent Solicitation
for each Series included in Table 1 below (each, an “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. 5 dated June 5, 2024 (as so supplemented, and as
it may be further supplemented or amended from time to time, the
“Statement”). The “Initial Statement” is the
Offer to Purchase and Consent Solicitation Statement dated December
7, 2023, as supplemented by Supplement No. 1 dated March 7, 2024,
Supplement No. 2 dated March 20, 2024, Supplement No. 3 dated April
4, 2024 and Supplement No. 4 dated May 20, 2024.
Capitalized terms used and not otherwise defined in this
announcement have the meanings given in the Statement.
Expired Series
The Offer and Consent Solicitation for each Expired Series
expired at 6:00 p.m., New York City time, on June 5, 2024 (with
respect to each Expired Series, the “Expiration
Deadline”). For each Expired Series, the Issuer has
received and accepted the specified number of Notes validly
tendered and not validly withdrawn prior to the Expiration
Deadline. All conditions to the Offer for each Expired Series were
deemed satisfied or waived by the Issuer as of the Expiration
Deadline. The aggregate purchase price of the Notes for each Series
accepted by the Issuer will be the specified dollar amount set
forth in Table 1 below, reflecting the previously announced
Purchase Price per Note. On June 12, 2024 (the “Settlement
Date”), Noteholders whose Notes have been accepted for purchase
pursuant to the relevant Offer will receive the previously
announced applicable Purchase Price. No Offer or Consent
Solicitation is currently open in respect of the Expired
Series.
Table 1: Expired Series
Title of Note
Bloomberg Ticker
CUSIP / ISIN
Purchase Price
Note
Number of Notes
Tendered
Aggregate Purchase
Price
iPath® Global Carbon ETN
GRNTF
06739H164 / US06739H1648
$105.00
26,318
$2,763,390.00
iPath® GEMS IndexTM ETN
JEMTF
06739H453 / US06739H4535
$19.00
1,517
$28,823.00
iPath® Bloomberg Agriculture Subindex
Total ReturnSM ETN
JJATF
06739H206 / US06739H2067
$47.00
49,955
$2,347,885.00
iPath® Bloomberg Industrial Metals
Subindex Total ReturnSM ETN
JJMTF
06738G407 / US06738G4073
$45.00
35,821
$1,611,945.00
iPath® Bloomberg Precious Metals Subindex
Total ReturnSM ETN
JJPFF
06739H248 / US06739H2489
$110.00
7,807
$858,770.00
iPath® Bloomberg Softs Subindex Total
ReturnSM ETN
JJSSF
06739H230 / US06739H2307
$52.00
6,104
$317,408.00
iPath® JPY/USD Exchange Rate ETN
JYNFF
06739G851 / GB00B1WPB282
$38.00
922
$35,036.00
Pursuant to the Consent Solicitation for each 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 Offers with
respect to the Expired Series will be cancelled on the Settlement
Date. The Issuer currently intends to effectuate the Proposed
Amendment for each 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 any
Expired Series by issuing a redemption notice. The payment upon
redemption to Noteholders for an 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 6:00 p.m., New York
City time, on June 5, 2024 and will instead expire at 6:00 p.m.,
New York City time, on July 31, 2024 (with respect to each
Extended Series, the “Expiration Deadline”), unless the
Offer with respect to any Extended Series is further 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.
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 June 5,
2024. The Purchase Price may be lower than the trading price of the
Notes of that Series on the Expiration Date.
Table 2: Extended Series
Title of Note
Bloomberg Ticker
CUSIP / ISIN
Purchase Price per
Note*
Closing Indicative Note Value
on June 5, 2024
Number of Notes
Tendered
iPath® CBOE S&P 500 BuyWrite IndexSM
ETN
BWVTF
06739F135 / GB00B1WL1590
$110.00
$104.13
5,109
iPath® Bloomberg Livestock Subindex Total
ReturnSM ETN
COWTF
06739H743 / US06739H7439
$20.00
$19.04
28,222
iPath® Bloomberg Copper Subindex Total
ReturnSM ETN
JJCTF
06739F101 / US06739F1012
$55.00
$53.29
104,466
iPath® Bloomberg Energy Subindex Total
ReturnSM ETN
JJETF
06739H750 / US06739H7504
$6.00
$5.40
25,965
iPath® Bloomberg Grains Subindex Total
ReturnSM ETN
JJGTF
06739H305 / US06739H3057
$32.50
$31.43
178,870
iPath® Bloomberg Platinum Subindex Total
ReturnSM ETN
PGMFF
06739H255 / US06739H2554
$21.00
$19.93
38,226
* 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 5:00 p.m., New York City time, on June 5,
2024, Noteholders have validly tendered the number of Notes
specified in Table 2 above. Any amendment to the Purchase Price per
Note set forth above will be applicable to such Notes and may
result in a lower Purchase Price than would have resulted under the
terms set forth in the Initial Statement. The Purchase Price is
payable on August 7, 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. 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 June
5, 2024, the Issuer may amend the Offer and Consent Solicitation
with respect to that Series, including by increasing or decreasing
the Purchase Price of that Series, or in its sole and absolute
discretion, to further extend, withdraw or terminate such Offer or
Consent Solicitation.
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 5:00 p.m.,
New York City time, at
http://ipathetn.barclays/static/tenderoffers.app. In the event that
publication of the Closing Index Level for any Series on any
Trading Day is delayed, the Issuer will publish such information as
soon as practicable following the publication of that Closing Index
Level.
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 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 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/20240605413232/en/
Ann Thielke +1 212 526 1472 Ann.Thielke@barclays.com
Barclays (NYSE:BCS)
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