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Lloyds Bank accepts tenders for £924.33 million tier 1 securities
By Marisa Wong
Los Angeles, Oct. 11 – Lloyds Bank plc announced the final results of its Sept. 12 cash tender offer for any and all of its £1,059,632,000 outstanding 7.625% fixed-rate reset additional tier 1 perpetual subordinated contingent convertible senior secured securities that have a first call date on June 27, 2023 (ISIN: XS1043552188).
As of 11:59 p.m. ET on Oct. 7, the expiration of the offer, holders had tendered £924,331,000 of the securities, according to an announcement.
Lloyds has accepted all of the tendered securities for purchase at £1,020 per £1,000 note. Accrued interest from Sept. 27 will also be paid.
Settlement is expected for Oct. 13. After that, £135,301,000 of the securities will remain outstanding.
The offer is not subject to a financing condition, as previously noted.
Lloyds Securities Inc. (212 827-3145, lbcmliabilitymanagement@lloydsbanking.com) and UBS AG London Branch (888 719-4210, 203 719-4210, +44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880, lbg@is.kroll.com) is the tender agent.
The retail and commercial bank is based in Edinburgh, Scotland, with operational headquarters in London.
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