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TheStreet Open House

Barclays Bank PLC Announces An Invitation To Purchase Notes For Cash

Tenders of Notes for purchase must be made through the Clearing Systems. The Issuer intends to announce, inter alia, its decision whether to accept valid tenders of Notes for purchase pursuant to the Offers in an announcement following the Expiration Deadline.

Tenders of Notes will be irrevocable except in the limited circumstances described under “ Amendment and Termination—Revocation Rights” in the Tender Offer Memorandum

Rationale for the Offers

The Issuer has today also invited holders of certain euro- and sterling-denominated debt securities to tender those securities for purchase. The targeting of these longer dated senior unsecured liabilities for repurchase is part of the Issuer’s ongoing liability management program, with the intention of optimizing the duration of its balance sheet and managing wholesale funding levels within its robust and conservative liquidity risk framework.

Accrued Interest Payment

The Issuer will pay accrued and unpaid interest in respect of all Notes validly tendered and delivered and accepted for purchase by the Issuer pursuant to the Offers, from (and including) the immediately preceding interest payment date for the relevant Series of Notes to (but excluding) the Settlement Date.

Tender Offer Period

The Offers commence on September 10, 2012 and will end at 11:59 p.m. (New York City time) on September 17, 2012 (the “ Expiration Deadline”), unless extended by the Issuer, in which case notification to that effect will be given by or on behalf of the Issuer by way of the issue of a press release to one or more Notifying News Service(s) and via RNS.

Noteholders wishing to participate in the Offers must deliver, or arrange to have delivered on their behalf, a valid Tender Instruction that is received by the Tender Agent by the Expiration Deadline.

Expected Timetable of Events

The times and dates below are indicative only.

Time and Date       Event
September 10, 2012

Commencement of the Offers

 

Offers announced by way of the issue of a press release to one or more Notifying News Service(s) and via RNS.

 

Tender Offer Memorandum available from the Dealer Manager and the Tender Agent.

 
2:00 p.m. (New York City time) on September 17, 2012

Price Determination Time

 

The Dealer Manager will calculate the Purchase Price for each Series of Notes in the manner described in this Tender Offer Memorandum by reference to the applicable Fixed Spread over the yield to maturity, calculated by the Dealer Manager in accordance with standard market practice, of the applicable Reference U.S. Treasury Security, based on the bid side price of such Reference U.S. Treasury Security as displayed on Bloomberg Reference Page BBT1 (or, if such Bloomberg Reference Page is unavailable or manifestly erroneous, such other recognized quotation source as the Dealer Manager may in its sole and absolute discretion select).

 

After the determination of the Purchase Price for each Series of Notes, the Issuer will announce such Purchase Prices by way of the issue of a press release to one or more Notifying News Service(s).

 
11:59 p.m. (New York City time) on September 17, 2012

Expiration Deadline

 

Deadline for receipt by the Tender Agent of all Tender Instructions in order for Noteholders to be able to participate in the Offers and to be eligible to receive the relevant Purchase Price and Accrued Interest Payment on the Settlement Date.

 
September 18, 2012

Announcement of Result of Offers

 

Announcement of the Issuer's decision whether to accept valid tenders of Notes for purchase pursuant to any or all of the Offers (including, if applicable, the expected Settlement Date for such Offers) distributed by way of the issue of a press release to one or more Notifying News Service(s) and via RNS.

 
September 20, 2012

Settlement

 

Expected Settlement Date. Payment of the Purchase Price and any Accrued Interest Payment in respect of the Offers.

 

Noteholders are advised to check with any bank, securities broker or other intermediary through which they hold Notes when such intermediary would require to receive instructions from a Noteholder in order for that Noteholder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the Offers before the deadlines specified above. The deadlines set by any such intermediary and each Clearing System for the submission of Tender Instructions will be earlier than the relevant deadlines specified above.

For Further Information

A complete description of the terms and conditions of the Offers is set out in the Tender Offer Memorandum. Further details about the transaction can be obtained from:

The Dealer Manager

 

Barclays Capital Inc.

745 Seventh Avenue
New York, New York 10019
United States
Telephone: +1 (212) 528-7581
US Toll Free Number: +1 (800) 438-3242
Attention: Liability Management Group

Email: liability.management@barclays.com

 

The Tender Agent

 

Global Bondholder Services Corporation

65 Broadway – Suite 404
New York, New York 10006
United States
Banks and Brokers Call: +1 (212) 430-3774
Toll Free Number: +1 (866) 937-2200
Attention: Corporate Actions

Email: Info@gbsc-usa.com

 

A copy of the Tender Offer Memorandum is available to eligible persons upon request from the Tender Agent.

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