Barclays Bank PLC (the “Issuer”) has announced an extension to the expiration deadline for its ongoing cash tender offers (“Offers”) and consent solicitations (“Consent Solicitations”) for four series of its exchange-traded notes (ETNs). The new expiration date is January 29, 2025, at 6:00 p.m. New York City time, unless further extended or terminated.
Overview of the Offers and Consent Solicitations
The Offers are intended to purchase all outstanding ETNs from four series, with specific terms outlined in the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as updated by multiple supplements, including the latest on November 20, 2024. These solicitations also propose amendments to certain provisions of the ETNs.
Key Details of the Extended ETNs:
| Series Title | Ticker | CUSIP/ISIN | Purchase Price | Closing Indicative Value (Nov 20, 2024) | Notes Tendered |
|---|---|---|---|---|---|
| iPath® CBOE S&P 500 BuyWrite IndexSM ETN | BWVTF | 06739F135 / GB00B1WL1590 | $120.00 | $114.23 | 6,548 |
| iPath® Bloomberg Livestock Subindex Total ReturnSM ETN | COWTF | 06739H743 / US06739H7439 | $24.00 | $21.80 | 38,654 |
| iPath® Bloomberg Copper Subindex Total ReturnSM ETN | JJCTF | 06739F101 / US06739F1012 | $55.00 | $47.97 | 121,296 |
| iPath® Bloomberg Energy Subindex Total ReturnSM ETN | JJETF | 06739H750 / US06739H7504 | $6.00 | $4.90 | 27,263 |
Additional Terms
- Purchase Price: The specified price reflects a premium to the closing indicative value on November 20, 2024, but may be lower than the trading price at expiration.
- Payment Date: Payments are scheduled for February 5, 2025.
- Dynamic Updates: Daily updates on the purchase price, closing index levels, and indicative values are available at the Barclays iPath website.
Key Considerations
Barclays highlighted that the purchase price could differ from market trading prices as it is based on the indicative note value and index levels as of the expiration date. The Issuer may adjust terms or extend the Offers in response to significant market changes.
Next Steps for Noteholders
Noteholders who have already tendered their Notes are not required to take further action. New tenders must be submitted by the revised expiration date.
Disclaimer
Barclays reserves the right to modify or terminate the Offers or Consent Solicitations independently for any series based on compliance with applicable conditions.
For further details, refer to the updated Offer documentation or contact Barclays via the information provided on the website.
