By Jennifer Chiou
New York, April 4 - Lloyds TSB Bank plc priced $16 million of fixed-rate callable step-up notes due April 12, 2027, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first eight years, stepping up to 6.25% on April 12, 2020 and to 8.25% on April 12, 2025. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date on or after April 12, 2017.
Barclays Capital Inc. is the agent.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Fixed-rate callable step-up notes
|
| Amount: | $16 million
|
| Maturity: | April 12, 2027
|
| Coupon: | 5% initially, stepping up to 6.25% on April 12, 2020 and to 8.25% on April 12, 2025; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on April 12, 2017
|
| Pricing date: | April 3
|
| Settlement date: | April 12
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 5394E8AL3
|
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