Barclays Bank PLC (the “Issuer”) announced today the
results of its previously announced cash tender offer (the
“Offer”) to purchase any and all of its iPath® MSCI India
Index ETNs due December 18, 2036 (Ticker: INPTF / CUSIP: 06739F291
/ ISIN: US06739F2911) (the “Notes”) 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 the conditions
and restrictions set out in the Amended and Restated Offer to
Purchase and Consent Solicitation Statement dated August 5, 2020
(the “Statement”).
The Offer and Consent Solicitation expired at 11:59 p.m., New
York City time, on September 1, 2020 (the “Expiration
Deadline”). The Issuer has received and accepted 487,339 Notes
validly tendered and not validly withdrawn prior to the Expiration
Deadline, representing 54.54% of the outstanding Notes as of the
Expiration Deadline. All conditions to the Offer were deemed
satisfied or waived by the Issuer as of the Expiration Deadline.
The aggregate purchase price of the Notes accepted by the Issuer is
$42,108,867.43 reflecting the previously announced purchase price
of $86.4057 per $50 principal amount of Notes (the “Purchase
Price”). On September 4, 2020 (the “Settlement Date”),
Noteholders whose Notes have been accepted for purchase pursuant to
the Offer will receive the previously announced Purchase Price.
Pursuant to the Consent Solicitation, the Issuer has obtained
the requisite consents to the Proposed Amendment. The indenture and
the global certificate with respect to the Notes will be amended on
the Settlement Date to provide the Issuer with the right to redeem,
in its sole discretion, all, but not less than all, of the
outstanding Notes on the Redemption Date for a cash payment per
Note equal to the Closing Indicative Note Value on the valuation
date (“Valuation Date”) specified by the Issuer in the
redemption notice. The “Redemption Date” will be the fifth
Business Day after the Valuation Date.
Notes purchased by the Issuer pursuant to the Offer will be
cancelled on the Settlement Date. The Issuer currently intends
to effectuate the Proposed Amendment and redeem all outstanding
Notes shortly after the Proposed Amendment becomes effective but no
later than December 31, 2020. The payment upon redemption to
Noteholders may be greater than or less than the Purchase Price
pursuant to the Offer but will not include the Premium Payment or
any amount in excess of the Closing Indicative Note Value on the
Valuation Date.
Capitalized terms used and not otherwise defined in this
announcement have the meanings given in the Statement.
For Further Information
A complete description of the terms and conditions of the Offer
is set out in the Statement. 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 Attn: ETN Desk Telephone: 1-212-528-7990
Email: etndesk@barclays.com
The Tender Agent and Information Agent D.F. King &
Co., Inc. 48 Wall Street, 22nd Floor New York, NY 10005 Attention:
Andrew Beck Fax: 212-709-3328 Email: barclays@dfking.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 Offer and Consent Solicitation. 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 the Offer and Consent
Solicitation. None of the Issuer, the Dealer Manager, the Tender
Agent or the Information 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 the 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 Offer will not be accepted from
Noteholders) in any circumstances in which the Offer or
solicitation is unlawful. In those jurisdictions where the Notes,
blue sky or other laws require the Offer 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
Offer 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, the Tender
Agent or the Information 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 Offer. In
addition, each Noteholder participating in the 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 the
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 customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. Barclays offers investment
banking products and services in the US through Barclays Capital
Inc. For further information about Barclays, please visit our
website home.barclays.com
Selected Risk Considerations
An investment in the iPath 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 decrease in the level of the underlying index between the
inception date and the applicable valuation date. Additionally, if
the level of the underlying 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 value of such index level has increased or
decreased, as the case may be. Because the ETNs are subject to an
investor fee and other applicable costs, the return on the ETNs
will always be lower than the total return on a direct investment
in the index components. 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 the issuer, 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, in the event 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 U.S.
stock markets, 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.
Emerging Market Risk: The MSCI India Total Return Index tracks
investments in an emerging market, which carries the risk of
capital loss from unfavorable fluctuation in currency values,
differences in generally accepted accounting principles, lower
trading volumes, and economic or political instability. ETNs linked
to such index may be subject to more volatility than investments
outside of emerging markets.
Concentration Risk: Because the ETNs are a concentrated
investment in a single country, the ETNs may be more volatile than
other investments.
A Trading Market for the ETNs May Not Develop: Although the ETNs
are listed on a U.S. national securities exchange, a trading market
for the ETNs may not develop and the liquidity of the ETNs may be
limited, as we are not required to maintain any listing of the
ETNs.
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 on the exchange through
any brokerage account. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of
ETNs.
MSCI and the MSCI Index names are servicemarks of MSCI or its
affiliates and have been licensed for use for certain purposes by
Barclays Bank PLC. The ETNs are not sponsored or endorsed by MSCI,
any affiliate of MSDCI or any other party involved in, or related
to, making or compiling any MSCI Index. The ETNs are not sold or
promoted by MSCI, any affiliate of MSCI or any other party involved
in, or related to, making or compiling any MSCI Index. The MSCI
Indices are the exclusive property of MSCI. Neither MSCI, any of
its affiliates, or any other party involved in, or related to,
making or compiling any MSCI Index makes any representation or
warranty, express or implied, to the owners of the ETNs or any
member of the public regarding the advisability of investing in the
financial securities generally or in the ETNs particularly or the
ability of any MSCI Index to track corresponding stock market
performance.
© 2020 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/20200902005634/en/
Danielle Popper +1 212 526 5963 Danielle.Popper@barclays.com
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