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Lloyds gives results of exchange offers for five series of notes
By Cady Vishniac
Detroit, Nov. 25 – Lloyds Banking Group plc has announced results for its offer to exchange five series of tier 1 and tier 2 notes for a combination of cash and new £1,308,572,000 tier 2 perpetual notes with an initial coupon of 2.707% due Dec. 3, 2035, according to an announcement.
Lloyds has accepted the following tender amounts for each series of notes in full without proration:
• £131,904,000 of the £150 million outstanding of tier 1 perpetual notes issued by Bank of Scotland plc (ISIN: XS0125686229) for £885.12 in new notes and £332.38 cash per £1,000 aggregate principal tendered;
• £456,424,000 of the £590,841,000 outstanding of tier 1 perpetual notes issued by Lloyds Bank plc (ISIN: XS0408620721) for £1,428.55 in new notes and £388.95 cash per £1,000 aggregate principal tendered;
• £237,327,000 of the £245 million outstanding in tier 1 perpetual notes issued by HBOS Sterling Finance (Jersey) LP (ISIN: GB0058327924) for £1,660.00 in new notes per £1,000 aggregate principal tendered;
• £207,535,000 of the £300 million outstanding in 9.625% tier 2 notes due April 6, 2023 issued by Lloyds Bank plc (ISIN: XS0043098127) for £703.69 in new notes and £500 cash per £1,000 aggregate principal tendered; and
• None of the £750 million outstanding in in 7.625% tier 2 notes due April 22, 2025 issued by Lloyds Bank plc (ISIN: XS0503834821).
The new tier 2 notes were issued without a discount and will come with an optional redemption date of Dec. 3, 2030. Lloyds Banking Group plc is the issuer.
Lucid Issuer Services Ltd. (+44 20 7704 0880, lloydsbank@lucid-is.com) is the exchange agent. Lloyds Bank Corporate Markets plc (+44 20 7158 1719, +44 20 7158 1726; liability.management@lloydsbanking.com) is the global coordinator and joint dealer manager. Goldman Sachs International and Merrill Lynch International were also appointed as joint dealer managers.
The settlement date for the exchange is expected to be Dec. 3.
Lloyds is a bank and financial services group based in London.
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