Lloyds TSB Bank tenders for up to £1.25 billion of six notes series

By Jennifer Chiou

New York, June 28 - Lloyds TSB Bank plc announced the launch of an up to £1.25 billion cash tender offer for several series of its euro and pound-denominated notes.

The purchase prices for the notes will be determined on July 9 under a modified Dutch auction. The bank will also pay accrued interest.

Affected securities include the following:

• €982,549,000 of 6.25% notes due April 2014 with a maximum offer spread of 90 basis points over the interpolated mid-swap rate;

• €1.5 billion of 4.5% notes due September 2014 with a maximum offer spread of 90 bps;

• €1.25 billion of 3.75% notes due September 2015 with a maximum offer spread of 135 bps;

• €2 billion of 6.375% notes due June 2016 with a maximum offer spread of 200 bps;

• £400 million of 6.75% notes due October 2018 with a maximum offer spread of 315 over the 5% U.K. Treasury Gilt due March 2018; and

• €1.5 billion of 5.375% notes due September 2019 with a maximum offer spread of 200.

The offer will end at 11 a.m. ET on July 6. Settlement is set for July 11.

Lucid Issuer Services Ltd. is the tender agent (44 20 7704 0880 or lbg@lucid-is.com).

Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.management@db.com) and Lloyds TSB Bank plc (44 20 7158 3981 or liability.management@lloydsbanking.com) are the dealer managers.

The retail bank is based in London and Edinburgh.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.