By Business Wirevia The Motley Fool
Filed under: Investing
Barclays Bank PLC Tender Offer: Announcement of Early Participation Results
LONDON–(BUSINESS WIRE)– On March 26, 2013, Barclays Bank PLC (the “Issuer“) announced a cash tender offer (the “Tender Offer“) to holders of the Issuer’s 6.05% Fixed Rate Subordinated Notes due 2017 (CUSIP/ISIN: 06739G AE9 / US06739GAE98 / XS0334249223) (the “6.05% Notes“) and 5.140% Lower Tier 2 Notes due October 2020 (CUSIP/ISIN: 06739G BP3 / US06739GBP37) (the “5.140% Notes” and collectively with the 6.05% Notes, the “Notes“), subject to the terms and conditions set forth in an offer to purchase dated March 26, 2013, as amended by the Issuer’s announcement on April 3, 2013 that it had decreased the maximum aggregate principal amount of Notes the Issuer will accept in the Tender Offer (the “Tender Cap“) from $1 billion to $850 million (the “Offer to Purchase“).
Further to the Tender Offer, the Issuer hereby informs the holders of the Notes that, as of 5:00 p.m., New York City time, on April 8, 2013 (the “Early Participation Deadline“), approximately $936 million principal amount of the 6.05% Notes and approximately $242 million principal amount of the 5.140% Notes, or a total of approximately $1.178 billion principal amount of the Notes, were validly tendered and not validly withdrawn pursuant to the Tender Offer. Subject to the terms and conditions of the Tender Offer, the Issuer confirms that it has accepted for purchase approximately $850 million of the Notes validly tendered and not validly withdrawn at or prior to the Early Participation Deadline. All Notes validly tendered with a Bid Premium less than the Clearing Spread Premium of 30 basis points have been accepted for purchase. Notes validly tendered with a Bid Premium that is equal to the Clearing Spread Premium have been accepted for purchase on a prorated basis in the manner described in the Offer to Purchase using a proration factor of 89.68%. All Notes not accepted as a result of proration and all tenders of Notes with a Bid Premium in excess of the Clearing Spread premium have been rejected.
Holders of the Notes who validly tendered Notes and did not validly withdraw such Notes at or prior to the Early Participation Deadline and whose Notes are purchased by the Issuer will receive the Total Consideration for that series of Notes indicated in the table below, which includes the Early Participation Amount of $50 per $1,000 principal amount of Notes accepted for purchase, as well as a cash payment in an amount equal to the accrued and unpaid interest on those Notes from (and including) the interest payment date for the relevant series of Notes immediately preceding the Early Payment …read more
Source: FULL ARTICLE at DailyFinance
