Barclays wraps tender offers for three ETNs, extends offers for 13 ETNs

By Marisa Wong

Los Angeles, April 4 – Barclays Bank plc issued an update on its cash tender offers for 16 series of exchange-traded notes launched on Dec. 7 and amended on March 7 and March 20.

On Thursday the issuer gave results of the tender offers and related consent solicitations for three series of ETNs and extended the expiration deadline for the offers and consent solicitations for the remaining 13 series.

Expired offers

The offer and consent solicitation for each of the following series expired at 11:59 p.m. ET on April 3:

• iPath GEMS Asia 8 ETN (Symbol: AYTEF; Cusip: 06738G878) with a purchase price of $40.00, with 1,712 notes tendered for an aggregate purchase price of $68,480;

• iPath GBP/USD Exchange Rate ETN (Symbol: GBBEF; Cusip: 06739F176) with a purchase price of $37.00, previously raised from $36.00, with 8,213 notes tendered for an aggregate purchase price of $303,881; and

• iPath Bloomberg Nickel Subindex Total Return ETN (Symbol: JJNTF; Cusip: 06739F119) with a purchase price of $22.50, previously updated from $20.00, with 49,965 notes tendered for an aggregate purchase price of $1,124,212.50.

The required consents to the proposed amendment have been received for each of those three series.

All conditions to the offers for those three series were satisfied or waived by the expiration deadline.

Settlement will be on April 10.

Extended offers

The tender offers and consent solicitations for the following 13 series were previously scheduled to expire at 11:59 p.m. ET on April 3 but will now expire at 6 p.m. ET on June 5:

• iPath CBOE S&P 500 BuyWrite Index ETN (Symbol: BWVTF; Cusip: 06739F135) with a purchase price of $110.00, increased from $107.00 (previously increased from $106.00 and, before that, from $99.00), with 5,067 notes tendered;

• iPath Bloomberg Livestock Subindex Total Return ETN (Symbol: COWTF; Cusip: 06739H743) with a purchase price of $21.50 (previously raised from $21.00 and earlier updated from $18.00), with 26,247 notes tendered;

• iPath Global Carbon ETN (Symbol: GRNTF; Cusip: 06739H164) with a purchase price of $80.00, decreased from $84.00 (previously raised from $82.00 and earlier updated from $99.00), with 6,936 notes tendered;

• iPath GEMS Index ETN (Symbol: JEMTF; Cusip: 06739H453) with a purchase price of $19.00, with 1,206 notes tendered;

• iPath Bloomberg Agriculture Subindex Total Return ETN (Symbol: JJATF; Cusip: 06739H206) with a purchase price of $45.00 (previously raised from $43.00 and earlier updated from $48.00), with 25,725 notes tendered;

• iPath Bloomberg Copper Subindex Total Return ETN (Symbol: JJCTF; Cusip: 06739F101) with a purchase price of $50.00, increased from $48.00 (previously raised from $45.00 and earlier updated from $43.00), with 71,690 notes tendered;

• iPath Bloomberg Energy Subindex Total Return ETN (Symbol: JJETF; Cusip: 06739H750) with a purchase price of $6.25, increased from $6.00 (previously updated from $5.50), with 25,565 notes tendered;

• iPath Bloomberg Grains Subindex Total Return ETN (Symbol: JJGTF; Cusip: 06739H305) with a purchase price of $31.50 (previously raised from $30.00 and earlier updated from $35.50), with 72,596 notes tendered;

• iPath Bloomberg Industrial Metals Subindex Total Return ETN (Symbol: JJMTF; Cusip: 06738G407) with a purchase price of $37.00, increased from $35.00 (earlier updated from $33.00), with 10,956 notes tendered;

• iPath Bloomberg Precious Metals Subindex Total Return ETN (Symbol: JJPFF; Cusip: 06739H248) with a purchase price of $98.00, increased from $91.00 (previously raised from $90.00 and earlier updated from $86.00), with 5,489 notes tendered;

• iPath Bloomberg Softs Subindex Total Return ETN (Symbol: JJSSF; Cusip: 06739H230) with a purchase price of $52.00, increased from $50.00 (previously updated from $46.00), with 3,293 notes tendered;

• iPath JPY/USD Exchange Rate ETN (Symbol: JYNFF; Cusip: 06739G851) with a purchase price of $38.00, with 369 notes tendered; and

• iPath Bloomberg Platinum Subindex Total Return ETN (Symbol: PGMFF; Cusip: 06739H255) with a purchase price of $20.00, increased from $19.00 (previously updated from $18.00), with 30,025 notes tendered.

The number of notes tendered for each series, specified above, was as of 5 p.m. ET on April 3.

The latest modified purchase prices reflect a premium to the closing indicative note value on April 3. The issuer noted, however, that the purchase price may be lower than the trading price of the notes on the expiration date.

As a result, the issuer may further amend the offers by increasing or decreasing the purchase prices or further extending the offers.

Consent bid

As initially announced, under the consent solicitation, 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.

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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