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Lloyds announces pricing, acceptance total in euro, sterling tender
By Sarah Lizee
Olympia, Wash., May 19 – Lloyds Bank plc announced pricing of its tender offer to purchase some of its pound sterling- and euro-denominated notes on Tuesday and also announced that it accepted valid tenders of £486,755,563 of notes under the offer, 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 set using the 4% U.K. gilt due March 2022 plus 100 basis points for a purchase price of 102.953;
• €409,038,000 of the €1,151,180,000 1% notes due November 2021 (ISIN: XS1139091372) with pricing set using the relevant interpolated mid-swap rate plus 50 bps for a purchase price of 101.106;
• €96,585,000 of the €747,444,000 1.375% notes due September 2022 (ISIN: XS1280783983) with pricing set using the relevant interpolated mid-swap rate plus 75 bps for a purchase price of 102.051.
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.
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 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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