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Published on 9/27/2016 in the Prospect News Liability Management Daily.

Barclays sets 124.432 purchase price for 5.75% subordinated notes

By Angela McDaniels

Tacoma, Wash., Sept. 27 – Barclays plc set a purchase price of 124.432% of par for its £455,408,000 of 5.75% subordinated notes due 2026, according to a company news release.

As previously reported, a tender offer for the notes and seven other series of notes issued by Barclays Bank plc began Sept. 20 and were scheduled to end at 5 p.m. ET on Sept. 27.

Pricing for the 5.75% subordinated notes was set at 10 a.m. ET on Sept. 27 using the 1.5% U.K. Treasury stock due 2026 plus a spread of 220 basis points. The benchmark security rate was 0.67%.

The purchase prices for the other series of notes are as follows:

• 67.5% of par for the €100 million of subordinated floating-rate notes due 2040;

• 108.5% of par for the £36,244,000 of 6.125% undated subordinated notes;

• 117% of par for the $182,133,000 of 6.86% callable perpetual core tier one notes;

• 70% of par for the $202,985,000 of junior undated floating-rate notes;

• 70% of par for the $335.43 million of undated floating-rate primary capital notes;

• 70% of par for the $414.63 million of undated floating-rate primary capital notes series 2; and

• 80% of par for the £145 million of undated floating-rate primary capital notes series 3.

The settlement date is expected to be Sept. 30.

“The offers are made as part of the group's ongoing liability management, with the intention of supporting its ongoing transition to a holding company capital and term funding model in line with regulatory requirements,” according to a company announcement.

The company said it plans to continue issuing “senior unsecured and subordinated liabilities in all major currency markets,” but the offers are not contingent on any of those issues.

The dealer manager is Barclays (+44 0 20 3134 8515, 212 528-7581, 800 438-3242 or liability.management@barclays.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or barclays@lucid-is.com).

Barclays is a financial services company based in London.


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