By Mary Katherine Stinson
Lexington, Ky., Jan. 3 – Lloyds Banking Group plc sold senior notes in three tranches on Tuesday, according to FWPs filed with the Securities and Exchange Commission.
A $300 million tranche of senior callable floating-rate notes due Jan. 5, 2028 priced at par with a coupon of SOFR plus 158 basis points.
A $1.5 billion tranche of 5.462% senior callable fixed-to-fixed rate notes due Jan. 5, 2028 priced at par, or at a spread of Treasuries plus 137.5 bps.
Finally, a $2 billion tranche of 5.679% senior callable fixed-to-fixed rate notes due Jan. 5, 2035 priced at par, or at a spread of Treasuries plus 175 bps.
The notes’ reset dates are one year before their respective maturity dates.
Each of the notes is callable at par, in whole, one year before their maturity date.
J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC are listed as joint bookrunners for the two notes due in 2028.
BofA Securities, Inc., Lloyds Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are joint bookrunners for the notes due in 2035.
Proceeds will be used for general corporate purposes.
The retail and commercial bank is based in Edinburgh with operational headquarters in London.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $3.8 billion
|
| Issue: | Senior notes
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| Co-manager: | CIBC World Markets Corp.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Davis Polk & Wardwell LLP and CMS Cameron McKenna Nabarro Olswang LLP
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| Counsel to underwriters: | Allen & Overy LLP
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| Pricing date: | Jan. 2
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| Settlement date: | Jan. 5
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| Ratings: | Moody’s: A3
|
| S&P: BBB+
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| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Floating-rate notes
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| Amount: | $300 million
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| Maturity: | Jan. 5, 2028
|
| Bookrunners: | J.P. Morgan Securities LLC, Lloyds Securities Inc. (billing and delivery), Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Coupon: | SOFR plus 158 bps
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| Price: | Par
|
| Yield: | SOFR plus 158 bps
|
| Call features: | In whole on Jan. 5, 2027 at par
|
| Cusip: | 53944YAY9
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|
|
| 2028 notes
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| Amount: | $1.5 billion
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| Maturity: | Jan. 5, 2028
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| Bookrunners: | J.P. Morgan Securities LLC, Lloyds Securities Inc. (billing and delivery), Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Coupon: | 5.462% initially; resets on Jan. 5, 2027 to one-year Treasuries plus 137.5 bps
|
| Price: | Par
|
| Yield: | 5.462%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call features: | In whole on Jan. 5, 2027 at par
|
| Cusip: | 53944YAZ6
|
|
|
| 2035 notes
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| Amount: | $2 billion
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| Maturity: | Jan. 5, 2035
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| Bookrunners: | BofA Securities, Inc., Lloyds Securities Inc. (billing and delivery), Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Coupon: | 5.679% initially; resets on Jan. 5, 2034 to one-year Treasuries plus 175 bps
|
| Price: | Par
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| Yield: | 5.679%
|
| Spread: | Treasuries plus 175 bps
|
| Call features: | In whole on Jan. 5, 2034 at par
|
| Cusip: | 53944YAX1
|
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