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Barclays accepts $1.5 billion tendered 7.625% notes due 2022
By Taylor Fox
New York, Jan. 7 – Barclays Bank plc announced the expiration of its cash tender offer to purchase its 7.625% contingent capital notes due November 2022 (Cusip: 06740L8C2), according to a news release.
As of the 11:59 p.m. ET Jan. 6 expiration time, $1.5 billion of the notes, after proration and rounding, was accepted from noteholders.
The total cash payment to purchase the accepted notes of $1,697,348,956.98, including the total consideration and interest payment, was paid to noteholders Dec. 22.
As previously reported, the company increased the maximum acceptance amount to $1.5 billion from $1 billion of the $3 billion outstanding notes.
As of the 5 p.m. ET Dec. 18 early tender date, $1,925,023,000 of the notes were validly tendered and not withdrawn.
Because the amount tendered was greater than the maximum acceptance amount, Barclays accepted the notes using a proration factor of 75.614%.
The total consideration for each $1,000 of notes was $1,125, including an early tender payment of $50 per $1,000 of notes tendered by the early tender deadline.
The total cash payment to purchase the accept notes was $1,697,348,956.98, including the total consideration and accrued interest.
The final settlement date was expected to be Jan. 7.
Tenders may no longer be withdrawn.
Barclays said the offer was 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.
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.
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