Barclays Bank PLC Announces Extension of Concurrent Exchange Offer and Cash Tender Offer and Increase of Purchase Price for Cash Tender Offer
Barclays Bank PLC (“Barclays”) announced today that it has extended concurrently the expiration deadline of its previously announced:
- exchange offer (the “Exchange Offer”) to exchange any and all of its iPath S&P GSCI Crude Oil Total Return Index ETNs due August 14, 2036 (CUSIP: 06738C760/ISIN: US06738C7609) (the “Old Notes”) for iPath Pure Beta Crude Oil ETNs due April 18, 2041 (CUSIP: 06740P221/ISIN: US06740P2213) (the “New Notes” and together with the Old Notes, the “ETNs”); and
- cash tender offer (the “Tender Offer”) to purchase any and all of its Old Notes.
Each of the Exchange Offer and the Tender Offer is accompanied by a solicitation of consents (the “Consent Solicitation”) from holders of the Old Notes (the “Noteholders”) to amend certain provisions of the Old Notes (the “Proposed Amendment”), subject to applicable offer and distribution restrictions. Noteholders who validly tender (and do not validly withdraw) their Old Notes pursuant to either the Exchange Offer or the Tender Offer will be deemed to have consented to the Proposed Amendment under the Consent Solicitation. Please refer to the press release dated June 17, 2021 for further details on the Exchange Offer, Tender Offer and Consent Solicitation.
The Exchange Offer, Tender 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 August 13, 2021 (the “Expiration Deadline”), unless further extended or early terminated by Barclays, in which case notification to that effect will be given by or on behalf of Barclays in accordance with the methods set out in the Prospectus (as defined below) or the Statement (as defined below), as applicable.
In addition, the purchase price per Old Note validly tendered in the Tender Offer (and not validly withdrawn) prior to the Expiration Deadline and accepted for purchase (the “Purchase Price”) has been increased from $127 to $135, which reflects a premium of approximately 2.27% to the last trading price of the Old Notes on such date. The Closing Indicative Value of the Old Notes was $133.0523 on July 29, 2021 and it is published at www.ipathetn.com/oilnf on a daily basis.
Noteholders can elect to tender their Old Notes pursuant to either the Exchange Offer or the Tender Offer. However, a tender of any Old Note under both the Exchange Offer and the Tender Offer without either tender being validly withdrawn is not valid and will not be accepted by Barclays under either the Exchange Offer or the Tender Offer.