By Cristal Cody
Chicago, Feb. 27 – Lloyds Banking Group plc priced $1.25 billion of 5.871% senior callable fixed-to-fixed rate notes due 2029 (A3/BBB+/A) on Monday, according to an FWP filing with the Securities and Exchange Commission and details from a market source.
The initial interest rate resets on March 6, 2028 to the one-year Treasury rate plus 170 basis points.
The notes priced at par, or at Treasuries plus 170 bps, tighter than talk that had the notes coming in the Treasuries plus 190 bps area.
The notes are callable on the reset date at par.
Lloyds Securities Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are listed as joint bookrunners.
Proceeds will be used for general corporate purposes.
The notes will be listed on the New York Stock Exchange.
The retail and commercial bank is based in Edinburgh with operational headquarters in London.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $1.25 billion
|
| Issue: | Senior callable fixed-to-fixed rate notes
|
| Maturity: | March 6, 2029
|
| Bookrunners: | Lloyds Securities Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | In-house counsel and Davis Polk & Wardwell London LLP
|
| Counsel to underwriters: | Allen & Overy LLP
|
| Coupon: | 5.871% initial rate; resets to March 6, 2028 to one-year Treasury plus 170 bps
|
| Price: | Par
|
| Yield: | 5.871%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | At par on March 6, 2028
|
| Trade date: | Feb. 27
|
| Settlement date: | March 6
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 190 bps area
|
|
|
| Cusip: | 539439AX7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
