By Andrea Heisinger
New York, Jan. 13 - Lloyds TSB Bank plc priced $4.75 billion of senior notes (Aa3/A+/AA-) in two tranches late on Thursday, a source close to the deal said.
A $2.25 billion tranche of 4.875% five-year notes priced at 99.921 to yield 4.893% with a spread of Treasuries plus 300 basis points. The notes were talked in the 300 bps area.
A $2.5 billion tranche of 6.375% 10-year notes priced at 99.701 to yield 6.416% with a 312.5 bps over Treasuries spread. Price talk was in the 312.5 bps area.
Both tranches are non-callable.
Barclays Capital Inc., Bank of America Merrill Lynch and Goldman Sachs & Co. were the bookrunners.
The joint lead manager was Lloyds Bank Corporate Markets.
Proceeds are being used for general corporate purposes.
The notes are guaranteed by financial services company Lloyds Banking Group plc, which is based in London.
| Issuer: | Lloyds TSB Bank plc
|
| Guarantor: | Lloyds Banking Group plc
|
| Issue: | Senior notes
|
| Amount: | $4.75 billion
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Goldman Sachs & Co.
|
| Joint lead manager: | Lloyds Bank Capital Markets
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 21
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
|
|
| Five-year notes
|
| Amount: | $2.25 billion
|
| Maturity: | Jan. 21, 2016
|
| Coupon: | 4.875%
|
| Price: | 99.921
|
| Yield: | 4.893%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Non-callable
|
| Price talk: | 300 bps area
|
|
|
| 10-year notes
|
| Amount: | $2.5 billion
|
| Maturity: | Jan. 21, 2021
|
| Coupon: | 6.375%
|
| Price: | 99.701
|
| Yield: | 6.416%
|
| Spread: | Treasuries plus 312.5 bps
|
| Call: | Non-callable
|
| Price talk: | 312.5 bps area
|
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