Barclays Bank PLC Announces Extension of Cash Tender Offer and Consent Solicitation
Barclays Bank PLC (the “Issuer”) announced today that it has extended the expiration date of its previously announced cash tender offer (the “Offer”) to purchase any and all of its iPath Bloomberg Natural Gas Subindex Total Return℠ ETNs due October 22, 2037 (Ticker: GAZZF / CUSIP: 06739H644 /ISIN: US06739H6449) (the “Notes” or “ETNs”) and solicitation of consents (the “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provision of the Notes (the “Proposed Amendment”), subject to applicable offer and distribution restrictions set out in the Amended and Restated Offer to Purchase and Consent Solicitation Statement dated July 30, 2021 (which may be further amended or supplemented from time to time, the “Statement”). Noteholders who validly tender (and do not validly withdraw) their Notes will be deemed to have consented to the Proposed Amendment under the Consent Solicitation.
The Offer and Consent Solicitation were previously scheduled to expire at 5:00 p.m., New York City time, on July 29, 2021 and will instead expire at 5:00 p.m., New York City time, on September 29, 2021 (the “Expiration Date”), unless 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. The purchase price of the Notes will remain at $0.10 (10 cents) per Note (the “Purchase Price”).
If a Noteholder has already validly tendered and not withdrawn its Notes pursuant to the original Offer, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a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 Offer, as amended and restated. The purchase price is payable on October 1, 2021, the “Settlement Date,” unless the Offer is further extended or early terminated by the Issuer. As of 5:00 p.m., New York City time, on July 29, 2021, Noteholders have validly tendered 3,469,500 Notes, representing 48.26% of the outstanding Notes as of such date.
The Closing Indicative Note Value for each trading day is published at 5:00 p.m. EST at www.ipathetn.com/gazzf. Because the Closing Indicative Note Value is calculated based on the closing level of the Bloomberg Natural Gas Subindex Total Return℠ (Bloomberg ticker: BCOMNGTR) (the “Index”), if the closing level of the Index has increased as of the Expiration Date, the Purchase Price may be less, or significantly less, than the Closing Indicative Note Value on the Expiration Date. In addition, the Notes may trade at a substantial premium to the Closing Indicative Note Value. Accordingly, the Purchase Price may be higher than the Closing Indicative Note Value but lower than the trading price of the Notes on the Expiration Date.