Barclays Bank PLC Announces Purchase Price of Cash Tender Offer for its iPath S&P GSCI Crude Oil Total Return Index ETNs (ticker OILNF)
Barclays Bank PLC (the “Issuer”) announced today that it has determined the purchase price in connection with its previously announced cash tender offer (the “Offer”) to purchase any and all of its iPath S&P GSCI Crude Oil Total Return Index ETNs due August 14, 2036 (CUSIP: 06738C760/ISIN: US06738C7609) (the “Notes”). The Offer and related solicitation of consents (the “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provisions of the Notes are subject to the conditions and restrictions set out in the Offer to Purchase and Consent Solicitation Statement dated October 28, 2022 (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.
In accordance with the terms of the Offer, the purchase price of the Notes is $213.85 per Note (the “Purchase Price”). The Purchase Price reflects a 2% premium to the Closing Indicative Note Value of the Notes on November 30, 2022, which was $209.65. The Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on November 30, 2022 (the “Expiration Deadline”), unless 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, Noteholders must validly tender and not withdraw their Notes prior to the Expiration Deadline.
The Issuer intends to announce, inter alia, its decision whether to accept valid tenders of Notes for purchase pursuant to the Offer or whether to extend the expiration deadline of the Tender Offer in an announcement no later than December 1, 2022.
The Issuer reserves the right, in its sole and absolute discretion, not to accept any tender instructions, not to purchase Notes or to extend, re-open, withdraw or terminate the Offer and Consent Solicitation and to amend or waive any of the terms and conditions of the Offer and Consent Solicitation in any manner, subject to applicable laws and regulations.
For Further Information
A complete description of the terms and conditions of the Offer is set out in the Statement. Copies of the Statement are available at www.ipathetn.com/oilnf. Further details about the transaction can be obtained from:
The Dealer Manager
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
Telephone: +1 212-528-7990
Attn: Barclays ETN Desk