Barclays aims to line up 9½% subordinated bonds with recent issues

By Susanna Moon

Chicago, April 19 – Barclays Bank plc is asking holders to consider amending provisions of the £200 million 9½% subordinated bonds due 2021 originally issued by Woolwich Building Society.

The bondholders meeting has been set for May 11 in London.

Specifically, the company is aiming to amend the notes to align the status provisions of the notes with those of the group’s most recently issued tier 2 capital, according to a notice.

The early consent deadline is 11 a.m. ET on May 2, and the consent deadline and final voting deadline is 11 a.m. ET on May 8.

Bondholders who vote for the proposal by the early consent deadline of 11 a.m. ET on May 2 will receive 0.2% of par, and those who vote for it after the early deadline will receive 0.1%.

The quorum required for the meeting is one or more persons representing in a clear majority of the outstanding bonds. To pass, the measure requires a majority consisting of at least three-fourths of the votes cast.

The solicitation agent is Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com). The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or barclays@lucid-is.com). The principal paying agent is HSBC Bank plc (+60 32173 2364, +60 71608 53743 or ctla.payingagency@hsbc.com / ctla.csm@hsbc.com).

Barclays is a bank based in London.

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