New York, October 1, 2020 – 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® S&P GSCI® Crude Oil Total Return Index
ETNs due August 14, 2036 (Ticker: OILNF / 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 as described below (the “Proposed
Amendment”), subject to the conditions and restrictions set out
in the Amended and Restated Offer to Purchase and Consent
Solicitation Statement dated September 2, 2020 (the
“Statement”).
The Offer and Consent Solicitation expired at 5:00 p.m., New
York City time, on September 30, 2020 (the “Expiration
Deadline”). The Issuer has received and accepted 190,215 Notes
validly tendered and not validly withdrawn prior to the Expiration
Deadline, representing approximately 25.30% 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 $9,510,750, reflecting the previously announced purchase
price of $50 per $2,000 principal amount of Notes (the “Purchase
Price”). On October 2, 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 not
obtained the requisite consents to the Proposed Amendment and
accordingly, the Proposed Amendment will not be effectuated. Notes
purchased by the Issuer pursuant to the Offer will be cancelled on
the Settlement Date. Notes that were not validly tendered and/or
accepted for purchase pursuant to the Offer will remain outstanding
after the Settlement 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:
barclaysoilETN@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 transatlantic consumer and wholesale bank offering
products and services across personal, corporate and investment
banking, credit cards and wealth management, with a strong presence
in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking,
Barclays operates in over 40 countries and employs approximately
83,500 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide. For further information about
Barclays, please visit our website www.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.
Concentration Risk: Because the ETNs are linked to an index
composed of futures contracts on a single commodity or in only one
commodity sector, the ETNs are less diversified than other
investments. The ETNs can therefore experience greater volatility
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.
The S&P GSCI® Total Return Index and the S&P GSCI® Crude
Oil Total Return Index (the “S&P GSCI Indices”) are products of
S&P Dow Jones Indices LLC (“SPDJI”), and have been licensed for
use by Barclays Bank PLC. S&P® and GSCI® are registered
trademarks of Standard & Poors’ Financial Services LLC
(“SPFS”). These trademarks have been licensed to SPDJI and its
affiliates and sublicensed to Barclays Bank PLC for certain
purposes. The S&P GSCI® Indices are not owned, endorsed, or
approved by or associated with Goldman, Sachs & Co. or its
affiliated companies. The ETNs are not sponsored, endorsed, sold or
promoted by SPDJI, SPFS, or any of their respective affiliates
(collectively, “S&P Dow Jones Indices”). S&P Dow Jones
Indices does not make 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 securities generally or
in the ETNs particularly or the ability of the S&P GSCI®
Indices to track general 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/20201001005407/en/
Danielle Popper +1 212 526 5963 Danielle.Popper@barclays.com
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