Barclays Offers To Buy Back Up To GBP2.5 Billion Subordinated Bonds For Cash
December 05 2011 - 12:11PM
Dow Jones News
Barclays PLC (BARC.LN) is offering to buy back up to EUR2.5
billion of its subordinated bonds for cash, the bank said.
The securities to be bought back are a number of core Tier 1 and
perpetual subordinated securities denominated in dollars and
sterling. The bonds will be bought at a discount, ranging from 65%
to 89.5% of their face value.
The offer expires Jan 3, although bondholders who respond by
Dec. 16 will receive a "early tender premium".
The rationale of the buy back offer is to "enhance further the
quality of its capital structure through the reduction of non-Basel
III compliant tier one capital and subsequent generation of
additional core Tier 1 capital" the bank said.
-By Serena Ruffoni, Dow Jones Newswires; +44 (0) 207 842 9349;
serena.ruffoni@dowjones.com
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