Purchase Price and modified “Dutch Auction”The purchase price for each US$1,000 principal amount of each series of Notes validly tendered pursuant to the Tender Offer on or prior to the Early Participation Deadline (as defined below) and accepted for purchase by the Issuer (subject to proration, if any) will reflect, as of the date of purchase, a yield to the maturity date of such series of Notes equal to the sum of (i) a Reference Yield for such series of Notes, plus (ii) a Clearing Spread for such series of Notes, which consists of (x) a Base Spread less (y) a Clearing Spread Premium (as described below) for such series of Notes, as determined pursuant to a modified “Dutch Auction” (the “ Total Consideration”). The purchase price for each US$1,000 principal amount of each series of Notes validly tendered pursuant to the Tender Offer after the Early Participation Deadline but prior to the Expiration Deadline (as defined below) and accepted for purchase by the Issuer (subject to proration, if any) will consist of the Total Consideration for that series of Notes less the Early Participation Amount (as defined below) (“ Tender Offer Consideration”).
Barclays Bank PLC Announces An Offer To Purchase Notes For Cash Using A Modified “Dutch Auction” Procedure
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