Barclays extends consent bid for 22 iPath commodities ETNs to Nov. 28

By Susanna Moon

Chicago, Sept. 30 – Barclays Bank plc said it again extended the consent solicitation to amend some of its iPath commodities exchange-traded notes by two months.

The solicitation will now end on Nov. 28 or an earlier date on which the company secures consents from holders of a majority of a particular issue, according to a company press release.

The deadline was extended from Sept. 30 and, before that, July 31, May 31 and March 31, 2014. It was originally set to end on Jan. 31, 2014.

For each set of ETNs under the consent solicitation, the proposed amendments would give Barclays the right to redeem in full, but not in part, the outstanding issue prior to maturity and the right to initiate a split or reverse split of that issue.

As reported, the amendments would also reduce the investor fee during the period from the effective time of the amendment to the maturity date. The reduced investor fee would be an amount equal to 0.7% per year times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75% per year times the principal amount times the relevant index factor, calculated on a daily basis.

In addition, Barclays is seeking to reduce the minimum number of ETNs required under the put option to 30,000 ETNs from 50,000 ETNs.

The proposed amendments for each issue of ETNs cannot be partitioned and will take effect as a single proposal if all conditions are met. Otherwise, none of the amendments listed above will become effective for that particular issue.

Barclays is soliciting consents separately for each of the following issues of ETNs, listed with their NYSE Arca ticker symbols:

• iPath Bloomberg Commodity Index Total Return ETNs (DJP);

• iPath Bloomberg Livestock Subindex Total Return ETNs (COW);

• iPath Bloomberg Agriculture Subindex Total Return ETNs (JJA);

• iPath Bloomberg Softs Subindex Total Return ETNs (JJS);

• iPath Bloomberg Grains Subindex Total Return ETNs (JJG);

• iPath Bloomberg Energy Subindex Total Return ETNs (JJE);

• iPath Bloomberg Industrial Metals Subindex Total Return ETNs (JJM);

• iPath Bloomberg Precious Metals Subindex Total Return ETNs (JJP);

• iPath Bloomberg Cotton Subindex Total Return ETNs (BAL);

• iPath Bloomberg Coffee Subindex Total Return ETNs (JO);

• iPath Bloomberg Cocoa Subindex Total Return ETNs (NIB);

• iPath Bloomberg Sugar Subindex Total Return ETNs (SGG);

• iPath Bloomberg Copper Subindex Total Return ETNs (JJC);

• iPath Bloomberg Nickel Subindex Total Return ETNs (JJN);

• iPath Bloomberg Tin Subindex Total Return ETNs (JJT);

• iPath Bloomberg Aluminum Subindex Total Return ETNs (JJU);

• iPath Bloomberg Lead Subindex Total Return ETNs (LD);

• iPath Bloomberg Platinum Subindex Total Return ETNs (PGM);

• iPath Bloomberg Natural Gas Subindex Total Return ETNs (GAZ);

• iPath S&P GSCI Total Return Index ETNs (GSP);

• iPath S&P GSCI Crude Oil Total Return Index ETNs (OIL); and

• iPath Global Carbon ETN (GRN).

In order to amend a series of ETNs, Barclays must receive the approval from holders of a majority in principal amount of that issue of ETNs, according to a previous press release.

Holders must be of record as of 5 p.m. ET on Jan. 28, 2014 for the Coffee ETNs and Nov. 8, 2013 for all others. The solicitation began on Nov. 19, 2013.

Broadridge Financial Solutions, Inc. (attn.: Barclays commodities consent solicitation, 855 601-2252) is the solicitation agent and tabulation agent.

© 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.