Lloyds Banking announces results for retail part of tender offer

Chicago, Dec. 10 – Lloyds Banking Group plc announced results of its Nov. 10 cash tender offers for any and all of three series of sterling-denominated preference shares as of the deadline applicable for only retail holders.

As of the final retail-only expiration time, 8 a.m. ET on Dec. 9, holders had tendered the following:

• £5,507,075 for the retail-only part plus the earlier reported £3,691,321 to the general expiration deadline of the £198,065,600 6.475% non-cumulative preference shares (ISIN: GB00B3KSB568), with £56,472,211 liquidation preference outstanding, at a purchase price of 112.05, leaving £47,273,816 outstanding;

• £10,157,715 for the retail-only part plus the earlier reported £37,319,867 to the general expiration deadline of the £300 million 9.25% non-cumulative irredeemable preference shares (ISIN: GB00B3KS9W93), with £299,987,729 liquidation preference outstanding, at a purchase price of 167.25, leaving £252,510,147 outstanding; and

• £4,942,108 for the retail-only part plus the earlier reported £7,168,493 to the general expiration deadline of the £100 million 9.75% non-cumulative irredeemable preference shares (ISIN: GB00B3KSB238), with £55,740,886 liquidation preference outstanding, at a purchase price of 174.2, leaving £43,630,285 outstanding.

Lloyds will accept for purchase all of the preference shares tendered.

Settlement will occur on Dec. 15 for the notes that were tendered after the general deadline. The bank previously settled the notes tendered by the general expiration deadline.

The expiration deadline for retail holders who hold 6.475% preference shares through the LBGSA nominee was 8 a.m. ET on Dec. 6.

Lucid Issuer Services (+44 20 7704 0880, lbg@lucid-is.com, https://deals.lucid-is.com/lbg-us) is information agent for the sterling tender offers, and Equiniti Ltd. is receiving agent.

Credit Suisse International (+44 20 7883 8763, liability.management@credit-suisse.com), Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 1719, liability.management@lloydsbanking.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com) are dealer managers.

As announced on Nov. 10, Lloyds concurrently launched an offering to exchange new notes and cash for five series of dollar-denominated securities.

The retail and commercial bank is based in Edinburgh with operational headquarters in London.

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