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Lloyds Bank collects tenders for $257.24 million of three note series
By Susanna Moon
Chicago, June 21 – Lloyds Bank plc said it obtained tenders for $257,235,000 of three series of notes guaranteed by Lloyds Banking Group plc in the offers that ended at 5 p.m. ET on Tuesday.
Lloyds took in another $1,175,000 principal amount of notes under guaranteed delivery procedures, according to a bank update on Wednesday.
The tender results were as follows, with pricing for each $1,000 principal amount:
• $112,051,000 of the $466,152,000 of 2.35% senior notes due 2019 with a purchase price of $1,008.34;
• $70,425,000 of the $466,899,000 of 2.4% senior notes due 2020 with a purchase price of $1,009.03; and
• $74,759,000 of the $515,222,000 of 3.5% senior notes due 2025 with a purchase price of $1,043.90.
Holders had tendered another $1,175,000 of the 2.35% notes under guaranteed delivery.
The bank will also pay accrued interest up to but excluding the settlement date, which is expected to be June 23.
Pricing was set using the 1.25% Treasury due May 31, 2019 for the 2.35% notes, the 1.5% Treasury due May 15, 2020 for the 2.4% notes and the 2.375% Treasury due May 15, 2017 for the 3.5% notes.
The fixed spread was 60 basis points for the 2.35% notes, 55 bps for the 2.4% notes and 70 bps for the 3.5% notes.
Concurrently with the offer, the group began a capped tender offer for some of Lloyds Bank’s outstanding euro- and sterling-denominated debt securities.
The dealer manager is Lloyds Securities Inc. (855 400-6511, 212 827-3105 or liability.management@lloydsbanking.com). The tender agent is Lucid Issuer Services Ltd. (lloydsbank@lucid-is.com, + 44 20 7704 0880 or https://portal.lucid-is.com).
Lloyds is a bank and financial services group based in London.
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