Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Barclays Bank plc > News item |
Barclays begins cash tender offer on up to $1 billion notes due 2022
By Taylor Fox
New York, Dec. 7 – Barclays Bank plc commenced a cash tender offer to purchase up to $1 billion of its $3 billion 7.625% contingent capital notes due November 2022 (Cusip: 06740L8C2), according to a 6-K filing with the Securities and Exchange Commission.
The total consideration for each $1,000 of notes will be $1,125 including an early tender payment of $50 per $1,000 of notes tendered by the 5 p.m. Dec. 18 early tender deadline.
If the purchase of the notes validly tendered in the offer would cause the issuer to purchase an amount of notes greater than the maximum amount, Barclays will prorate the notes accepted on the early settlement date or on the final settlement date, as applicable, in accordance with acceptance priority procedures.
Barclays said the offer is made as part of its ongoing management of its liabilities, providing the noteholders with an opportunity to have their notes repurchased while maintaining a prudent approach to the management of the group’s capital position.
The early settlement date is expected to be Dec. 22.
The offer will expire at 11:59 p.m. ET Jan. 5.
The final settlement date is expected to be Jan. 7.
Tenders may be withdrawn prior to 5 p.m. ET on Dec. 18.
Barclays (212 528-7581, 800 438-3242; us.lm@barclays.com) is the dealer manager, and Global Bondholder Services Corp. (212 430-3447, 866 470-4300; contact@gbsc-usa.com) is the tender agent.
The investment bank and financial services company is based in London.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.