Lloyds Banking plans additional tier 1 fixed- rate reset notes

By Mary-Katherine Stinson

Lexington, Ky., March 6 – Lloyds Banking Group plc is offering dollar-denominated fixed-rate reset additional tier 1 perpetual subordinated contingent convertible securities, according to a 424B2 filing with the Securities and Exchange Commission.

They are callable beginning in September 2029 until the first reset date on March 2030 and on any day in the period six months before any subsequent reset date.

The rate will reset in March 2030, when the notes will also be callable at par. The rate will reset every five years.

The notes are also callable at par because of a tax event or a regulatory event.

BofA Securities, Inc., Lloyds Securities Inc., Morgan Stanley & Co. LLC., RBC Capital Markets, LLC and TD Securities (USA) LLC are listed as joint bookrunners.

Bank of New York Mellon, London Branch will be the trustee.

Lloyds is using Davis Polk & Wardwell London LLP and CMS Cameron McKenna Nabarro Olswang LLP. The bookrunners are relying on Allen & Overy LLP for legal counsel.

Proceeds will be used for general corporate purposes including to repurchase or refinance existing debt and/or existing capital securities.

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

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