Barclays Bank has extended by two months the expiration date of its consent solicitation for select issues of iPath commodities exchange-traded notes (ETNs).
The ETNs subject to the consent solicitation trade on the NYSE Arca exchange under the following ticker symbols:
iPath Dow Jones-UBS Commodity Index Total Return ETN (DJP)
iPath Dow Jones-UBS Livestock Subindex Total Return ETN (COW)
iPath Dow Jones-UBS Agriculture Subindex Total Return ETN (JJA)
iPath Dow Jones-UBS Softs Subindex Total Return ETN (JJS)
iPath Dow Jones-UBS Grains Subindex Total Return ETN (JJG)
iPath Dow Jones-UBS Energy Subindex Total Return ETN (JJE)
iPath Dow Jones-UBS Industrial Metals Subindex Total Return ETN (JJM)
iPath Dow Jones-UBS Precious Metals Subindex Total Return ETN (JJP)
iPath Dow Jones-UBS Cotton Subindex Total Return ETN (BAL)
iPath Dow Jones-UBS Coffee Subindex Total Return ETN (JO)
iPath Dow Jones-UBS Cocoa Subindex Total Return ETN (NIB)
iPath Dow Jones-UBS Sugar Subindex Total Return ETN (SGG)
iPath Dow Jones-UBS Copper Subindex Total Return ETN (JJC)
iPath Dow Jones-UBS Nickel Subindex Total Return ETN (JJN)
iPath Dow Jones-UBS Tin Subindex Total Return ETN (JJT)
iPath Dow Jones-UBS Aluminum Subindex Total Return ETN (JJU)
iPath Dow Jones-UBS Lead Subindex Total Return ETN (LD)
iPath Dow Jones-UBS Platinum Subindex Total Return ETN (PGM)
iPath Dow Jones-UBS Natural Gas Subindex Total Return ETN (GAZ)
iPath S&P GSCI Total Return Index ETN (GSP)
iPath S&P GSCI Crude Oil Total Return Index ETN (OIL)
iPath Global Carbon ETN (GRN (
Barclays is continuing to solicit consents separately for each issue of ETNs to the proposed amendments described below on the same terms and conditions as set forth in the consent solicitation statements for the ETNs, one dated 11 February 2014 for the iPath Dow Jones-UBS Coffee Subindex Total Return ETN and one dated 19 November 2013 for the ETNs other than the Coffee ETNs and the accompanying voter instruction forms (VIFs). Consents are being solicited from each person in whose name beneficial ownership of an issue of ETNs was recorded as of 5:00 p.m., Eastern Standard Time, on the respective record date for the consent solicitations.
The consent solicitation will now expire on 30 September, or such earlier date on which the approval of holders of a majority in aggregate principal amount of a particular issue is received and Barclays declares the proposed amendment to be effective for such issue. Barclays may terminate or extend the consent solicitation at any time in its sole discretion.
If the required consents are received for an issue of ETNs in accordance with the consent solicitation statements, the proposed amendment would amend the terms of that issue to provide Barclays with the following unqualified rights as of the date on which the proposed amendment is made effective:
• The right to redeem all, but not less than all, of the outstanding ETNs of that issue of ETNs, prior to maturity, on the terms described in the consent solicitation statements; and
• The right to initiate a split or reverse split of the ETNs of that issue on the terms described in the consent solicitation statements.
In addition, if the required consents are received for an issue of ETNs in accordance with the consent solicitation statements, the proposed amendment would also amend the terms of that issue as follows:
• The investor fee for that issue of ETNs would be reduced during the period from the effective time of the proposed amendment for that issue to the maturity date of the ETNs of that issue. The reduced investor fee would be an amount equal to 0.70 per cent per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75 per cent per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis.
• The minimum number of ETNs of that issue required to be redeemed for a holder to exercise its right to redeem ETNs of such issue prior to maturity will be reduced from 50,000 ETNs to 30,000 ETNs.
