Barclays begins tender offers, consent bids for 24 series of ETNs

By Marisa Wong

Los Angeles, Dec. 7 – Barclays Bank plc announced it has begun cash tender offers to purchase any and all of its outstanding exchange-traded notes from 24 separate series and a solicitation of consents from holders of the notes to a proposed amendment with respect to each series.

Barclays is seeking to amend each series so that it has the right to redeem, at its discretion, in whole the outstanding notes of that series for a cash payment per note equal to the closing indicative note value on the valuation date, which will be five business days prior to the redemption date.

Noteholders who tender their notes of any series will be deemed to have consented to the proposed amendment with respect to that series under the applicable consent solicitation.

To take effect for each series, the proposed amendment requires holders of a majority in principal amount of the notes of that series to tender their notes.

For each of the following 20 series, the purchase price per note is fixed and a reflects a premium to the closing indicative note value of that series on Dec. 6:

• iPath GEMS Asia 8 ETN (Symbol: AYTEF; Cusip: 06738G878) with a closing indicative value of $36.8565 and a purchase price of $40.00;

• iPath CBOE S&P 500 BuyWrite Index ETN (Symbol: BWVTF; Cusip: 06739F135) with a closing indicative value of $95.6833 and a purchase price of $99.00;

• iPath Bloomberg Livestock Subindex Total Return ETN (Symbol: COWTF; Cusip: 06739H743) with a closing indicative value of $17.4116 and a purchase price of $18.00;

• iPath EUR/USD Exchange Rate ETN (Symbol: EROTF; Cusip: 06739F184) with a closing indicative value of $37.6435 and a purchase price of $40.00;

• iPath GBP/USD Exchange Rate ETN (Symbol: GBBEF; Cusip: 06739F176) with a closing indicative value of $34.286 and a purchase price of $36.00;

• iPath Global Carbon ETN (Symbol: GRNTF; Cusip: 06739H164) with a closing indicative value of $95.046 and a purchase price of $99.00;

• iPath Optimized Currency Carry ETN (Symbol: ICITF; Cusip: 06739H412) with a closing indicative value of $41.4737 and a purchase price of $44.00;

• iPath GEMS Index ETN (Symbol: JEMTF; Cusip: 06739H453) with a closing indicative value of $17.7471 and a purchase price of $19.00;

• iPath Bloomberg Agriculture Subindex Total Return ETN (Symbol: JJATF; Cusip: 06739H206) with a closing indicative value of $45.6976 and a purchase price of $48.00;

• iPath Bloomberg Copper Subindex Total Return ETN (Symbol: JJCTF; Cusip: 06739F101) with a closing indicative value of $41.7227 and a purchase price of $43.00;

• iPath Bloomberg Energy Subindex Total Return ETN (Symbol: JJETF; Cusip: 06739H750) with a closing indicative value of $5.1024 and a purchase price of $5.50;

• iPath Bloomberg Grains Subindex Total Return ETN (Symbol: JJGTF; Cusip: 06739H305) with a closing indicative value of $34.1439 and a purchase price of $35.50;

• iPath Bloomberg Industrial Metals Subindex Total Return ETN (Symbol: JJMTF; Cusip: 06738G407) with a closing indicative value of $31.7908 and a purchase price of $33.00;

• iPath Bloomberg Nickel Subindex Total Return ETN (Symbol: JJNTF; Cusip: 06739F119) with a closing indicative value of $19.379 and a purchase price of $20.00;

• iPath Bloomberg Precious Metals Subindex Total Return ETN (Symbol: JJPFF; Cusip: 06739H248) with a closing indicative value of $82.8636 and a purchase price of $86.00;

• iPath Bloomberg Softs Subindex Total Return ETN (Symbol: JJSSF; Cusip: 06739H230) with a closing indicative value of $44.1658 and a purchase price of $46.00;

• iPath Bloomberg Aluminum Subindex Total Return ETN (Symbol: JJUFF; Cusip: 06739H321) with a closing indicative value of $16.2158 and a purchase price of $17.00;

• iPath JPY/USD Exchange Rate ETN (Symbol: JYNFF; Cusip: 06739G851) with a closing indicative value of $36.0961 and a purchase price of $38.00;

• iPath Asian & Gulf Currency Revaluation ETN (Symbol: PGDDF; Cusip: 06739H420) with a closing indicative value of $47.9129 and a purchase price of $50.00; and

• iPath Bloomberg Platinum Subindex Total Return ETN (Symbol: PGMFF; Cusip: 06739H255) with a closing indicative value of $17.3606 and a purchase price of $18.00.

For each of the following four series, the purchase price per note will reflect a 3% premium to the closing indicative value of that series on March 6:

• iPath Bloomberg Cotton Subindex Total Return ETN (Symbol: BALTF; Cusip: 06739H271) with a Dec. 6 closing indicative value of $64.078;

• iPath Bloomberg Coffee Subindex Total Return ETN (Symbol: JJOFF; Cusip: 06739H297) with a Dec. 6 closing indicative value of $17.0311;

• iPath Bloomberg Tin Subindex Total Return ETN (Symbol: JJTFF; Cusip: 06739H198) with a Dec. 6 closing indicative value of $76.7471; and

• iPath Bloomberg Sugar Subindex Total Return ETN (Symbol: SGGFF; Cusip: 06739H214) with a Dec. 6 closing indicative value of $47.8796.

The tender offers and consent solicitations will expire at 11:59 p.m. ET on March 6.

Results will be announced on March 7, and settlement is expected to be on March 13.

The dealer manager is Barclays (212 528-7990; attn.: Barclays ETN desk; etndesk@barclays.com).

The tender agent is Bank of New York Mellon (attn.: debt restructuring services; +44 12 0268 9644; debtrestructuring@bnymellon.com).

The bank is based in London.

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