Lloyds holders tender $629.76 million of four perpetual notes in offer

By Susanna Moon

Chicago, June 23 – Lloyds Banking Group plc said investors had tendered $629.76 million of perpetual notes issued by Lloyds Bank plc and Bank of Scotland plc, formerly the Governor and Co. of the Bank of Scotland.

The breakdown for the tenders is as follows, according to a 6-K filing with the Securities and Exchange Commission:

• $138.16 million of the $267,350,000 primary capital undated floating-rate notes, series 1, issued by Lloyds Bank, with a coupon of six-month Libor plus 25 basis points;

• $150.52 million of the $280.12 million primary capital undated floating-rate notes, series 2, issued by Lloyds Bank, with a coupon of three-month Libor plus 18.75 bps;

• $193.46 million of the $359.3 million primary capital undated floating-rate notes, series 3, issued by Lloyds Bank, with a coupon of six-month Libor plus 10 bps; and

• $147.62 million of the $179.96 million undated floating-rate primary capital notes, series 4, issued by Bank of Scotland, with a coupon of six-month Libor plus 25 bps.

The purchase price will be $650 for each $1,000 principal amount plus accrued interest up to but excluding the settlement date.

The tender offer ended at 5 p.m. ET on June 22, with settlement on June 28.

As announced June 16, Lloyds was offering to give holders an opportunity to have their notes repurchased while “maintaining a prudent approach to liquidity as part of the group's ongoing liability management.”

The offer was not contingent upon any minimum amount of notes being tendered.

Lucid Issuer Services Ltd. (+44 (0) 20 7704 0880, Sunjeeve Patel / David Shilson, lucid-is.com/lbg or lbg@lucid-is.com) is the tender agent.

The dealer managers are BNP Paribas Securities Corp. (888 210-4358, 212 841-3059, +44 (0) 20 7595 8668, liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (800 558-3745, 212 723-6106, +44 20 7986 8969, liabilitymanagement.europe@citi.com), Lloyds Bank plc (855 400-6511, 212 827-3105, +44 0 20 7158 2720, liability.management@lloydsbanking.com).

Lloyds is a financial services company based in London.

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