Barclays PLC in $1.5 Billion Offering

June 20, 2019

Cleary Gottlieb represented Barclays PLC in a SEC-registered offering of $1.5 billion subordinated notes.

The offering, a takedown from Barclays PLC’s shelf registration statement, closed on June 20, 2019.

The offering consisted of a single tranche of fixed-to-floating rate subordinated notes, maturing in 2030. The notes will bear fixed interest at a rate of 5.088% until June 20, 2029, and, thereafter, floating interest based on three-month U.S. dollar LIBOR. The interest on the notes will reset quarterly from, and including, June 20, 2029. The notes are subject to redemption at Barclays PLC’s discretion upon the occurrence of certain regulatory and tax events.

The notes are listed on the New York Stock Exchange.

Barclays PLC is a British multinational investment bank and financial services company, headquartered in London.