\nBarclays Bank PLC (the \u201c Issuer<\/b>\u201d) announced today that it has commenced a cash tender offer (the \u201c Offer<\/b>\u201d) to purchase any and all of its iPath \u00ae<\/sup> Bloomberg Natural Gas Subindex Total Return SM<\/sup> ETNs due October 22, 2037(Ticker: GAZZF \/ CUSIP: 06739H644 \/ISIN: US06739H6449) (the \u201c Notes<\/b>\u201d or the \u201c ETNs<\/b>\u201d) and a solicitation of consents (the \u201c Consent Solicitation<\/b>\u201d) from holders of the Notes (the \u201c Noteholders<\/b>\u201d) to amend certain provisions of the Notes as described below (the \u201c Proposed Amendment<\/b>\u201d), subject to applicable offer and distribution restrictions. Noteholders who validly tender (and do not validly withdraw) their Notes will be deemed to have consented to the Proposed Amendment under the Consent Solicitation.\n<\/p>\n
Key Terms of the Offer and Consent Solicitation<\/b><\/p>\n
\nThe Offer and Consent Solicitation are being made on the terms and subject to the conditions and restrictions set out in the Offer to Purchase and Consent Solicitation Statement dated December 2, 2020 (as amended or supplemented from time to time, the \u201cStatement<\/b>\u201d). Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement.\n<\/p>\n
The Offer and Consent Solicitation commences on December 2, 2020 and will expire at 5:00 p.m., New York City time, on January 14, 2021 (the \u201cExpiration Deadline\u201d), unless extended or early terminated by the Issuer, in which case notification to that effect will be given by or on behalf of the Issuer in accordance with the methods set out in the Statement.<\/b><\/p>\n
The purchase price of the Notes will be $0.10 per Note.<\/b> The Closing Indicative Note Value for each trading day is published at 5:00 p.m. EST at www.ipathetn.com\/gazzf<\/a>.\n<\/p>\n \nThe Issuer reserves the right, in its sole and absolute discretion, not to accept any tender instructions, not to purchase Notes or to extend, re-open, withdraw or terminate the Offer and Consent Solicitation and to amend or waive any of the terms and conditions of the Offer and Consent Solicitation in any manner, subject to applicable laws and regulations.\n<\/p>\n \nIf the Noteholders of a majority in aggregate principal amount of the Notes have validly tendered (and have not validly withdrawn) their Notes as of the Expiration Deadline, the related indenture (the \u201cIndenture<\/b>\u201d) and the global certificate with respect to the Notes (\u201cGlobal Certificate<\/b>\u201d) will be amended promptly following the Expiration Date to provide the Issuer with the right to redeem, in its sole discretion, all, but not less than all, of the outstanding Notes on the Redemption Date for a cash payment per Note equal to the Closing Indicative Note Value on the valuation date (\u201cValuation Date<\/b>\u201d) specified by the Issuer in the redemption notice. The \u201cRedemption Date<\/b>\u201d will be the fifth Business Day after the Valuation Date.\n<\/p>\n \nNotes purchased by the Issuer pursuant to the Offer will be immediately cancelled. Notes that have not been validly tendered and\/or accepted for purchase pursuant to the Offer will remain outstanding after the Settlement Date. After the Proposed Amendment becomes effective, the Notes that are not tendered, or that are not accepted for payment pursuant to the Offer, will be subject to the amended terms of the Indenture and the Global Certificate. The Issuer currently intends to effectuate the Proposed Amendment promptly after the Expiration Date and redeem all outstanding Notes shortly after the Proposed Amendment becomes effective. The payment upon redemption to Noteholders may be greater than or less than the Purchase Price pursuant to the Offer but will not include any amount in excess of the Closing Indicative Note Value on the Valuation Date.<\/b><\/p>\n How to Tender or Withdraw Tender of Your Notes<\/b><\/p>\n \nNoteholders who wish to tender or withdraw tenders of their Notes in the Offer must do so by contacting their respective broker, dealer or other person who is shown in the records of the Depository Trust Company (\u201cDTC<\/b>\u201d) as a Noteholder of the Notes (the \u201cIntermediary<\/b>\u201d) and instructing their broker or dealer to arrange for the transfer their Notes through DTC\u2019s Automated Tender Offer Program (\u201cATOP<\/b>\u201d), subject to the terms and procedures of that system.\n<\/p>\n \nThe Issuer intends to announce, inter alia<\/i>, its decision whether to accept valid tenders of Notes for purchase pursuant to the Offer in an announcement following the Expiration Deadline.\n<\/p>\n Purchase Price <\/b><\/i><\/p>\n \nThe Purchase Price of the Notes validly tendered in the Offer (and not validly withdrawn) prior to the Expiration Deadline and accepted for purchase will be equal to $0.10 per Note and will be payable on the Settlement Date, unless the offer is extended, re-opened or early terminated.\n<\/p>\n Because the Closing Indicative Note Value is calculated based on the closing level of the Bloomberg Natural Gas Subindex Total ReturnSM<\/sup> (Bloomberg ticker: BCOMNGTR) (the \u201cIndex\u201d), if the closing level of the Index has increased as of the Expiration Date, the Purchase Price may be less, or significantly less, than the Closing Indicative Note Value on the Expiration Date. In addition, the Notes may trade at a substantial premium to the Closing Indicative Note Value.<\/b>Accordingly, the Purchase Price may be higher than the Closing Indicative Note Value but lower than the trading price of the Notes on the Expiration Date.<\/b><\/p>\n The Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on the Expiration Date. The value of the Notes may fluctuate, perhaps significantly, if markets are experiencing volatility during the period leading up to the Expiration Deadline, and Noteholders may not have sufficient time to validly tender, or validly withdraw tenders of, the Notes, in response to any such fluctuations.<\/b><\/p>\n Expected Timetable of Events<\/b><\/p>\n \nThe times and dates below are indicative only.\n<\/p>\n