Barclays Bank PLC Announces Extension of Cash Tender Offer and Consent Solicitation for its iPath S&P GSCI Crude Oil Total Return Index ETNs (ticker OILNF)
Barclays Bank PLC (the “Issuer”) announced today that it has extended the expiration deadline of 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” or the “ETNs”) and solicitation of consents (the “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provisions of the Notes, subject to applicable offer and distribution restrictions set out in the Amended and Restated Offer to Purchase and Consent Solicitation Statement dated December 1, 2022 (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 (as defined in the Statement) under the Consent Solicitation.
The Offer and Consent Solicitation were previously scheduled to expire at 11:59 p.m., New York City time, on November 30, 2022 and will instead expire at 11:59 p.m., New York City time, on January 3, 2023 (the “Expiration Deadline”), 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.
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In addition, the purchase price of the Notes, which originally reflected a 2% premium, has been increased to reflect a 3% premium to the Closing Indicative Note Value of the Notes (the “Premium Payment”) on January 3, 2023 (the “Expiration Date”). If a Noteholder has already validly tendered and not withdrawn its Notes pursuant to the original Offer, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a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, which is eligible for the new 3% premium to the Closing Indicative Note Value of the Notes on the Expiration Date. The Purchase Price is payable on January 5, 2023, the “Settlement Date,” unless the Offer is further extended or early terminated by the Issuer. As of 11:59 p.m., New York City time, on November 30, 2022, Noteholders have validly tendered 98,990 Notes, representing 27.27% of the outstanding Notes as of such date.