Barclays again extends consent bid for 22 iPath commodities ETNs

By Susanna Moon

Chicago, March 28 - Barclays Bank plc said it extended the consent solicitation to amend some of its iPath commodities exchange-traded notes by two more months.

Holders may now tender notes until May 31, with the expiration pushed back by two more months from March 31, according to a company press release. The solicitation was originally set to end Jan. 31.

For each set of ETNs under the consent solicitation, the proposed amendments would give Barclays the right to redeem in full, but not in part, the outstanding issue prior to maturity and the right to initiate a split or reverse split of that issue.

As reported, the amendments would also reduce the investor fee during the period from the effective time of the amendment to the maturity date. The reduced investor fee would be an amount equal to 0.7% per year times the principal amount of a holder's ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75% per year times the principal amount times the relevant index factor, calculated on a daily basis.

In addition, Barclays is seeking to reduce the minimum number of ETNs required under the put option to 30,000 ETNs from 50,000 ETNs.

The proposed amendments for each issue of ETNs cannot be partitioned and will take effect as a single proposal if all conditions are met. Otherwise, none of the amendments listed above will become effective for that particular issue.

Barclays is soliciting consents separately for each of the following issues of ETNs, listed with their NYSE Arca ticker symbols:

• iPath Dow Jones - UBS Commodity Index Total Return ETNs (DJP);

• iPath Dow Jones - UBS Livestock Subindex Total Return ETNs (COW);

• iPath Dow Jones - UBS Agriculture Subindex Total Return ETNs (JJA);

• iPath Dow Jones - UBS Softs Subindex Total Return ETNs (JJS);

• iPath Dow Jones - UBS Grains Subindex Total Return ETNs (JJG);

• iPath Dow Jones - UBS Energy Subindex Total Return ETNs (JJE);

• iPath Dow Jones - UBS Industrial Metals Subindex Total Return ETNs (JJM);

• iPath Dow Jones - UBS Precious Metals Subindex Total Return ETNs (JJP);

• iPath Dow Jones - UBS Cotton Subindex Total Return ETNs (BAL);

• iPath Dow Jones - UBS Coffee Subindex Total Return ETNs (JO);

• iPath Dow Jones - UBS Cocoa Subindex Total Return ETNs (NIB);

• iPath Dow Jones - UBS Sugar Subindex Total Return ETNs (SGG);

• iPath Dow Jones - UBS Copper Subindex Total Return ETNs (JJC);

• iPath Dow Jones - UBS Nickel Subindex Total Return ETNs (JJN);

• iPath Dow Jones - UBS Tin Subindex Total Return ETNs (JJT);

• iPath Dow Jones - UBS Aluminum Subindex Total Return ETNs (JJU);

• iPath Dow Jones - UBS Lead Subindex Total Return ETNs (LD);

• iPath Dow Jones - UBS Platinum Subindex Total Return ETNs (PGM);

• iPath Dow Jones - UBS Natural Gas Subindex Total Return ETNs (GAZ);

• iPath S&P GSCI Total Return Index ETNs (GSP);

• iPath S&P GSCI Crude Oil Total Return Index ETNs (OIL); and

• iPath Global Carbon ETN (GRN).

In order to amend a series of ETNs, Barclays must receive the approval of holders of a majority in principal amount of that issue of ETNs, according to a previous press release.

Holders must be of record as of 5 p.m. ET on Nov. 8 to participate. The solicitation began on Nov. 19.

In addition, Barclays said it intends to solicit consents for the same proposed amendment with respect to the Coffee ETNs in a separate consent solicitation around Feb. 11.

Broadridge Financial Solutions, Inc. (attn.: Barclays commodities consent solicitation, 855 601-2252) is the solicitation agent and tabulation agent.

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