NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC announced today that it has extended the expiration date of its previously announced cash tender offer to purchase any and all of its iPath® Bloomberg Natural Gas Subindex Total ReturnSM ETNs due October 22, 2037(Ticker: GAZZF / CUSIP: 06739H644 /ISIN: US06739H6449) and solicitation of consents from holders of the Notes to amend certain provision of the Notes, subject to applicable offer and distribution restrictions set out in the Amended and Restated Offer to Purchase and Consent Solicitation Statement dated January 29, 2021. 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.

The Offer and Consent Solicitation were previously scheduled to expire at 5:00 p.m., New York City time, on January 28, 2021 and will instead expire at 5:00 p.m., New York City time, on February 25, 2021 (the “Expiration Date), unless further 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. The purchase price of the Notes will remain at $0.10 (10 cents) per Note (the “Purchase Price”).

If a Noteholder has already validly tendered and not withdrawn its Notes pursuant to the original Offer, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a valid tender for purposes of the Offer, as amended and restated. The purchase price is payable on March 2, 2021, the “Settlement Date”, unless the Offer is further extended or early terminated by the Issuer. As of 5:00 p.m., New York City time, on January 28, 2021, Noteholders have validly tendered 3,023,048 Notes, representing 42.05% of the outstanding Notes as of such date.

The Closing Indicative Note Value for each trading day is published at 5:00 p.m. EST at www.ipathetn.com/gazzf. Because the Closing Indicative Note Value is calculated based on the closing level of the Bloomberg Natural Gas Subindex Total ReturnSM (Bloomberg ticker: BCOMNGTR) (the “Index”), 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. 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.

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. The 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.

Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement.

For Further Information

A complete description of the terms and conditions of the Offer is set out in the Statement. The prospectus for the ETNs can be accessed at www.ipathetn.com/GAZZFprospectus. Further details about the transaction can be obtained from:

About Barclays

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. Barclays offers investment banking products and services in the US through Barclays Capital Inc. For further information about Barclays, please visit our website home.barclays.