Barclays calls rest of iPath S&P GSCI Crude Oil ETNs after consent bid

By Marisa Wong

Los Angeles, Jan. 6 – Barclays Bank plc announced it will exercise its issuer call option and redeem in full 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 ETNs will be redeemed on Jan. 25.

The valuation date for the redemption of the ETNs will be Jan. 18. A holder of the ETNs on the redemption date will receive a cash payment per ETN in an amount equal to the principal amount of the holder’s ETNs times the index factor (as defined in the prospectus relating to the ETNs) on the valuation date minus the investor fee on the valuation date.

Barclays concluded a tender offer and consent solicitation earlier in the week, as reported Wednesday. The issuer had received and accepted tenders for 52.36% of the outstanding notes and obtained the required consents to a proposed amendment that would allow it to redeem in full the outstanding notes.

The issuer amended the ETNs’ indenture on Jan. 5 giving it the right to call the remaining ETNs.

Financial advisers may contact Barclays directly at etndesk@barclays.com or 212 528-7990 to obtain further information. Individual investors should contact their broker/adviser/custodian to contact the bank.

Barclays is based in London.

© 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.