By Cristal Cody
Tupelo, Miss., Oct. 3 – Lloyds Banking Group plc priced $1.5 billion of fixed-rate reset additional tier 1 perpetual subordinated contingent convertible securities (Baa3/BB-/BB+) at par with an initial coupon of 7.5%, according to an FWP filing with the Securities and Exchange Commission.
The rate will reset to a spread of mid-swaps plus 449.6 basis points on Sept. 27, 2025 and will reset every five years thereafter.
The securities are callable Sept. 27, 2025 and every five years thereafter.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and Lloyds Securities Inc. were the bookrunners.
Lloyds Banking Group is a bank and financial services company based in London.
| Issuer: | Lloyds Banking Group plc
|
| Amount: | $1.5 billion
|
| Description: | Fixed-rate reset additional tier 1 perpetual subordinated contingent convertible securities
|
| Maturity: | Perpetual
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and Lloyds Securities Inc.
|
| Coupon: | 7.5%; resets Sept. 27, 2025 at mid-swaps plus 449.6 bps and resets every five years thereafter
|
| Price: | Par
|
| Call feature: | Sept. 27, 2025 and every five years thereafter at par
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 10
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
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