Lloyds adjourns meetings seeking consents from holders of securities

By Rebecca Melvin

New York, Oct. 21 – Lloyds Banking Group plc adjourned two separate security holder consent solicitation meetings regarding its £1,494,392,000 7.625% fixed rate reset additional tier 1 perpetual subordinated contingent convertible securities callable 2023 (ISIN: XS1043552188) and £750.0 million 7.875% fixed rate reset additional tier 1 perpetual subordinated contingent convertible securities callable 2029 (ISIN: XS1043552261), according to a notice.

The meetings were adjourned due to a lack of quorum and were rescheduled for 5 a.m. ET in London on Nov. 5 for the 2023 securities and at 5:15 a.m. ET in London on Nov. 5 for the 2029 securities.

As previously reported, the financial services group is seeking to transition calculating value for the securities based on the Sonia benchmark from Libor.

The continuation of Libor on the current basis will not be guaranteed after 2021, and regulators have urged market participants to take active steps to implement the transition to Sonia and other risk-free rates ahead of this deadline.

Lucid Issuer Services Ltd. (+44 20 7704 0880, lloydsbank@lucid-is.com) is the tabulation agent.

Lloyds is a bank and financial services group based in London.

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