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LONDON - Barclays PLC announced Monday it will redeem $1.5 billion of its 6.125% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities on December 15, 2025.
The British banking giant will redeem the securities at 100% of their principal amount, along with accrued but unpaid interest from September 15, 2025, to the redemption date, according to a company press release.
The securities, which were issued on August 12, 2020, will be delisted from the London Stock Exchange's International Securities Market on or shortly after the redemption date.
Barclays stated that holders can surrender their securities and obtain payment at The Bank of New York Mellon in London. On the redemption date, interest on the securities will cease to accrue, and the company will deposit funds sufficient to pay the total redemption price with the trustee or paying agent.
The redemption is being executed pursuant to the Contingent Convertible Securities Indenture dated August 14, 2018, between Barclays and The Bank of New York Mellon, London Branch as Trustee, as supplemented by the Fourth Supplemental Indenture dated August 12, 2020.
After the redemption, all rights of holders will cease, except their rights to receive the redemption price, and the securities will be considered satisfied and discharged.
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