Barclays extends 0.2% fee in bid to align 9½% bonds with recent issues

By Susanna Moon

Chicago, April 30 – Barclays Bank plc said it amended the consent solicitation for the £200 million 9½% subordinated bonds due 2021 originally issued by Woolwich Building Society.

The early consent fee of 0.2% of par will be extended to all bondholders who submit voting instructions, according to company update on Monday.

Originally, bondholders who voted by the early consent deadline of 11 a.m. ET on May 2 would have received 0.2% of par and those who voted for it after the early deadline would have received 0.1%.

The final voting deadline is unchanged at 11 a.m. ET on May 8. The early consent deadline is 11 a.m. ET on May 2.

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

As announced April 19, Barclays is asking holders to consider amending provisions of the 9½% bonds originally issued by Woolwich Building to align the status provisions of the notes with those of the group's most recently issued tier 2 capital, according to a previous notice.

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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