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Lloyds Bank begins tender offer for sterling-, euro-denominated notes
By Sarah Lizee
Olympia, Wash., May 11 – Lloyds Bank plc launched a tender offer to purchase some of its pound sterling- and euro-denominated notes, according to a press release.
The following notes are included in the offer:
• £169,145,000 2.5% notes due June 2022 (ISIN: XS1239389684) with pricing to be set using the 4% U.K. gilt due March 2022 plus 100 basis points;
• €1,151,180,000 1% notes due November 2021 (ISIN: XS1139091372) with pricing to be set using the relevant interpolated mid-swap rate plus 50 bps;
• €747,444,000 1.375% notes due September 2022 (ISIN: XS1280783983) with pricing to be set using the relevant interpolated mid-swap rate plus 75 bps.
The maximum amount to be purchased by the bank has yet to be determined.
Tendered notes may be subject to pro rata scaling.
Holders will also receive accrued interest.
The offers will expire at noon ET on May 18.
Settlement is expected to be May 21.
Pricing will be determined at 9 a.m. ET on May 19.
J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Lloyds Bank Corporate Markets plc (+44 20 7158 1726/1719, liability.management@lloydsbanking.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, lloydsbank@lucid-is.com) is the tender agent.
The bank also launched a concurrent tender offer for five series of its dollar-denominated notes.
Lloyds is a bank and financial services group based in London.
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