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Lloyds Bank gives results in tender offer for 7.625% notes due 2025
By Mary-Katherine Stinson
Lexington, Ky., Aug. 12 – Lloyds Bank plc announced the acceptance of all the notes tendered and the purchase price for the tender offer for its outstanding £750 million 7.625% dated subordinated notes due 2025 (ISIN: XS0503834821), according to a notice.
The offer expired at noon ET on Aug. 11 and pricing took place at 6 a.m. ET on Aug. 12.
Lloyds will purchase the £477,142,000 notes tendered at the purchase price of 109.619 for a repurchase yield of 3.816%. This was slightly lower than the hypothetical purchase price of 110.794 calculated on Aug. 2, as previously reported.
The purchase price was calculated based on the yield to maturity of the 0.25% U.K. Gilt due January 2025 plus a fixed spread of 170 basis points. The reference yield was 2.116%.
Interest will also be paid from the immediately preceding interest payment date to settlement.
Settlement is expected for Aug. 16.
Following settlement, £272,858,000 of the notes will be outstanding.
Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 3939, attn.: liability management group, lbcmliabilitymanagement@lloydsbanking.com) is the dealer manager.
Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, lloydsbank@is.kroll.com, https://deals.is.kroll.com/lloydsbank) is the tender agent.
Holders may request more information from Lloyds Bank (Liz Padley, non-bank entities treasurer & head of capital and recovery and resolution, +44 20 7158 1737, Claire-Elizabeth.Padley@LloydsBanking.com; Pascale Dorey, debt investor relations, +44 20 7158 1060, Pascale.Dorey@LloydsBanking.com; Douglas Radcliffe, group investor relations director, +44 20 7356 1571, Douglas.Radcliffe@LloydsBanking.com).
The retail and commercial bank is based in Edinburgh, Scotland, with operational headquarters in London.
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