Barclays gives tender offer results for iPath S&P GSCI Crude Oil ETNs

By Marisa Wong

Los Angeles, Jan. 4 – Barclays Bank plc announced the results of its cash tender offer to purchase any and all of its iPath S&P GSCI Crude Oil Total Return index exchange-traded notes due Aug. 14, 2036 (Cusip: 06738C760) linked to the S&P GSCI Crude Oil Total Return index.

The tender offer and related consent solicitation expired at 11:59 p.m. ET on Jan. 3.

Barclays received and accepted 190,031 notes, representing 52.36% of the outstanding notes, tendered as of the expiration time, according to a Wednesday press release.

The aggregate purchase price of the notes accepted is $38,401,464.48, reflecting the previously announced purchase price of $202.08 per note.

All conditions to the offer were deemed satisfied or waived by the expiration deadline. Settlement will be on Jan. 5.

As announced on Tuesday, the purchase price reflects a 3% premium to the closing indicative note value of the notes on Jan. 3, which was $196.19. The premium had been raised from 2% previously.

As announced at the launch of the tender offer on Oct. 28, Barclays also solicited consents from holders of the ETNs to a proposed amendment that would allow it to redeem in full the outstanding notes. The issuer obtained the required consents to the amendments, according to Wednesday’s press release.

The issuer currently intends to carry out the proposed amendment right after the expiration of the tender offer and redeem all outstanding notes shortly after that.

The bank is based in London.

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