This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Barclays Bank PLC Announces An Offer To Purchase Notes For Cash Using A Modified “Dutch Auction” Procedure

Stocks in this article: BCS

In the event that Tender Offer is not oversubscribed at the Early Participation Deadline and the purchase of all Notes validly tendered after the Early Participation Deadline but prior to the Expiration Deadline would cause the Issuer to accept an aggregate principal amount of Notes in excess of the Tender Cap, then the Tender Offer will be oversubscribed at the Expiration Deadline, and the Issuer will accept for payment all Notes validly tendered tendered (and not withdrawn) after the Early Participation Deadline but prior to the Expiration Deadline on a prorated basis using a single proration factor across both series of Notes, such that the Issuer purchases the maximum aggregate principal amount of the Notes that does not exceed the Tender Cap.

Withdrawal Rights

Notes validly tendered prior to the Early Participation Deadline may be withdrawn by or on behalf of a holder at any time prior to the Early Participation Deadline, but not thereafter, by delivering a written notice of withdrawal, or a facsimile of one, with the required information as set forth in the Offer to Purchase to the Tender Agent prior to the Early Participation Deadline. Notes tendered after the Early Participation Deadline but prior to the Expiration Deadline may be withdrawn by or on behalf of a holder any time prior to 5:00 p.m., New York City time, on April 25, 2013, unless extended (the “ Withdrawal Deadline”), but not thereafter, by delivering a written notice of withdrawal, or a facsimile of one, with the required information as set forth in the Offer to Purchase to the Tender Agent prior to the Withdrawal Deadline.

   

Expected Timetable of Events

 

The times and dates below are indicative only.

 
Time and Date Event
March 26, 2013.

Commencement of the Tender Offer

 

Tender Offer announced by way of the issue of a press release to oneor more Notifying News Service(s) and via RNS. Offer to Purchaseavailable from the Dealer Manager and the Tender Agent.

 

2:00 p.m., New York City time, onApril 8, 2013.

Reference Yield Determination Date

 

The determination of the Reference Yield related to thecorresponding bid-side price of the UST Reference Securitydisplayed on the Bloomberg Reference Page, each as set forth in thetable on the cover page.

 

5:00 p.m., New York City time, onApril 8, 2013, unless extended.

Early Participation Deadline

 

The last chance for holders to tender Notes to qualify for thepayment of the Total Consideration, which includes the EarlyParticipation Amount, on the Early Payment Date, and the lastchance for holders to withdraw tenders of Notes tendered prior to theEarly Participation Deadline.

 
April 9, 2013.

Announcement of Early Participation Results

 

Announcement of the Issuer's decision whether to accept validtenders of Notes tendered prior to the Early Participation Deadlinedistributed by way of the issue of a press release to one or moreNotifying News Service(s) and via RNS.

 

The Early Payment Date shall occurafter the Early Participation Deadlineand is expected to be on or aboutApril 9, 2013.

Early Payment Date

 

The date the Issuer will deposit with the Clearing Systems theamount of cash necessary to pay to each holder of Notes tenderedbefore the Early Participation Deadline that are accepted forpurchase by the Issuer the Total Consideration (which includes theEarly Participation Amount) plus Accrued Interest in respect of suchNotes. The Issuer has no obligation to pay interest by reason of anydelay by the Clearing Systems in making payment to holders ofNotes that are accepted for purchase by the Issuer.

 
April 24, 2013

Issuer’s Q1 2013 Interim Management Statement expected to be published

 

5:00 p.m., New York City time, onApril 25, 2013, unless extended.

Withdrawal Deadline

 

The last chance for holders to validly withdraw tenders of the Notestendered after the Early Participation Deadline but prior to theExpiration Deadline, subject to limited exceptions.

 

5:00 p.m., New York City time, onApril 25, 2013, unless extended.

Expiration Deadline

 

The last chance for holders to tender Notes to qualify for thepayment of the Tender Offer Consideration on the Final PaymentDate, which does not include the Early Participation Amount.

 
April 26, 2013.

Announcement of Result of Tender Offer

 

Announcement of the Issuer's decision whether to accept validtenders of Notes tendered after the Early Participation Deadline butbefore the Expiration Deadline distributed by way of the issue of apress release to one or more Notifying News Service(s) and via RNS.

 

The Final Payment Date shall occurafter the Expiration Deadline and isexpected to be on or about April 30,2013.

Final Payment Date

 

The date the Issuer will deposit with the Clearing Systems theamount of cash necessary to pay to each holder of Notes tenderedafter the Early Participation Deadline but before the ExpirationDeadline that are accepted for purchase by the Issuer the TenderOffer Consideration (which does not include the Early ParticipationAmount) plus Accrued Interest in respect of such Notes. The Issuerhas no obligation to pay interest by reason of any delay by theClearing Systems in making payment to holders of Notes that areaccepted for purchase by the Issuer.

 

Holders are advised to check with any Intermediary through which they hold Notes when such Intermediary would require to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which withdrawal is permitted) withdraw their instruction to participate in, the Tender Offer 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. See the Offer to Purchase under the heading “Procedures for Tendering Notes.”

For Further Information

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

5 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs