Lloyds plans range accrual notes linked to six-month Libor, S&P 500

By Susanna Moon

Chicago, June 18 - Lloyds TSB Bank plc plans to price callable six-month Libor and S&P 500 index range accrual notes due June 29, 2032, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

The coupon will accrue at an annualized rate for each day that the index closes at or above 850 and six-month Libor is 6% or less. The rate will be 7% for the first five years, stepping up to 8% beginning on June 29, 2017, to 9% on June 29, 2022 and to 10% on June 29, 2027. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning June 29, 2015.

The notes will price on June 26 and settle on June 29.

The Cusip number is 5394E8AX7.

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