Barclays to sell resetting subordinated contingent convertibles

By James McCandless

San Antonio, Aug. 5 – Barclays plc plans to price an offering of dollar-denominated fixed-rate resetting perpetual subordinated contingent convertible securities, according to 424B2 filing with the Securities and Exchange Commission.

Barclays is the bookrunner.

The securities are automatically converted into ordinary shares after a capital adequacy trigger event.

Coupons are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Dec. 15, 2020.

The coupon resets on June 15, 2026 and every five years thereafter at the Treasury rate plus a spread.

The securities are redeemable on or after Dec. 15, 2025 at par. Prior to that, the securities are redeemable after a regulatory event or a tax event.

Barclays plans to use the proceeds for general corporate purposes.

The company plans to list the securities on the London Stock Exchange.

Barclays is a London-based financial services company.

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