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LONDON - Barclays PLC (LON:BARC) announced today that it will redeem its £1,000,000,000 7.125% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities on June 15, 2025. This redemption will occur at 100% of the principal amount, along with accrued but unpaid interest from March 15, 2025, until the redemption date.
The securities, which were issued on June 13, 2019, will be redeemed in accordance with the terms outlined in the Contingent Convertible Securities Indenture, dated August 14, 2018, and supplemented by the Third Supplemental Indenture on the issuance date. The Bank of New York Mellon (NYSE:BK) serves as the Trustee and Contingent Convertible Security Registrar for this financial instrument.
Due to the redemption date falling on a non-business day, the actual payment to holders will be made on the following business day, June 16, 2025. Consequently, the listing of the securities on the London Stock Exchange (LON:LSEG)’s International Securities Market will be canceled on or shortly after June 16, 2025.
Holders of the securities are instructed to surrender their securities to The Bank of New York Mellon to obtain payment of the redemption price. Barclays PLC (NYSE:BCS) has committed to depositing with the Trustee or a Paying Agent an amount sufficient to cover the total redemption price prior to the redemption date, ensuring all holders receive their due payment.
Once the payment is made, interest on the securities will cease to accrue, and all rights of the holders will terminate, except for the right to receive the redemption price without any additional interest. The move will effectively conclude the lifecycle of these securities as they will no longer be outstanding.
This redemption is part of the company’s financial management strategy, allowing Barclays to manage its capital structure efficiently. The information provided in this article is based on a press release statement issued by Barclays PLC.
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