Lloyds to accept tenders for £486.76 million of euro, sterling notes

By Sarah Lizee

Olympia, Wash., May 19 – Lloyds Bank plc announced that it plans to accept valid tenders of £486,755,563 under its previously announced tender offer to purchase some of its pound sterling- and euro-denominated notes, according to a press release.

Holders had tendered the following notes under the offer:

• £36,473,000 of the £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;

• €409,038,000 of the €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;

• €96,585,000 of the €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 bank plans to accept all tendered notes for purchase. The sterling equivalent converted at the euro FX rate for the 1% notes and 1.375% notes is £364,268,791 and £86,013,772, respectively.

Tendered notes may be subject to pro rata scaling.

Holders will also receive accrued interest.

The offers expired at noon ET on May 18.

Settlement is expected to be May 21.

Pricing was set to be determined at 9 a.m. ET on May 19. The exact maximum acceptance amount of the tender offer will be determined after pricing.

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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