Published on 9/26/2012 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.
Lloyds, Bank of Scotland report tender results for seven dollar series
By Jennifer Chiou
New York, Sept. 26 - Lloyds Banking Group plc subsidiaries Lloyds TSB Bank plc and Bank of Scotland plc announced the final results of their tender offer for seven series of dollar-denominated notes in a filing with the London Stock Exchange.
The companies began two tender offers on Sept. 18. The notes covered by the first offer, their purchase prices and acceptance amounts are noted in the table below.
The 5.25% covered bonds due February 2017 and the floating-rate notes due January 2014 were issued by Bank of Scotland, and the remaining notes were issued by Lloyd TSB Bank.
The price for the floating-rate notes was set when the offer began. For the remaining notes, the purchase prices were set at 9 a.m. ET on Sept. 25 by reference to a Treasury security and a fixed spread.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Sept. 28.
The offer was scheduled to end at noon ET on Sept. 25.
In the second offer, the companies offered to repurchase up to the equivalent of £2 billion principal amount of notes denominated in Canadian dollars, euros, pounds sterling or Swiss francs. This offer was made to holders outside the United States. The offer was subsequently increased to the equivalent of £2,173,038,298 principal amount of notes.
The second offer ended at 11 a.m. ET on Sept. 25 (see separate story for detailed results).
For the first offer, the dealer managers were Deutsche Bank Securities Inc. (212 250-7527, 855 287-1922 or US_Liability_Strategies_Team@list.db.com), Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.management@db.com), Lloyds Securities Inc. (212 827-3105, 855 400-6511 or liability.management@lloydsbanking.com), Lloyds TSB Bank (44 20 7158 3981 or liability.management@lloydsbanking.com) and UBS Ltd. (888 719-4210, 203 719-4210, 44 207 567 0525 or OL-Liability-Management@ubs.com). The tender agent was Lucid Issuer Services Ltd. (44 20 7704 0880 or lbg@lucid-is.com).
For the second offer, the dealer managers were Deutsche Bank (416 682-8740 or scott.lampard@db.com in Canada), Lloyds TSB Bank and UBS. Lucid was the lead tender agent, and Citibank, NA, London Branch (44 207 508 3867, 905 212-8906 or exchange.gats@citi.com) was the Canadian tender agent.
Lloyds Banking Group is a banking and financial services company based in London.
Tender offer for dollar-denominated notes
| Issue | Amount outstanding | Accepted amount | Purchase price
|
| Floating-rate notes due January 2014 | $1,253,326,000 | $159,981,000 | $1,023.50
|
| 5.25% covered bonds due February 2017 | $3 billion | $806,066,000 | $1,151.38
|
| 4.375% senior notes due January 2015 | $1,567,158,000 | $83,572,000 | $1,063.31
|
| 4.875% senior notes due January 2016 | $1,255,524,000 | $108,962,000 | $1,099.65
|
| 4.2% senior notes due March 2017 | $1.5 billion | $967,578,000 | $1,100.34
|
| 5.8% senior notes due January 2020 | $1,482,387,000 | $400,517,000 | $1,167.21
|
| 6.375% senior notes due January 2021 | $1,247,032,000 | $158,204,000 | $1,229.37
|
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