By Susanna Moon
Chicago, July 20 - Lloyds TSB Bank plc priced $10 million of senior fixed-to-floating notes due July 23, 2022 linked to the 10-year Constant Maturity Swap rate, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC is the agent.
The coupon will be 4.5% for the first two years. After that, it will be the 10-year CMS rate plus 95 basis points, with a minimum interest rate of 1.5%. Interest is payable quarterly.
The payout at maturity will be par.
| Issuer: | Lloyds TSB Bank plc
|
| Guarantor: | Lloyds Banking Group plc
|
| Issue: | Senior fixed-to-floating notes
|
| Amount: | $10 million
|
| Maturity: | July 23, 2022
|
| Coupon: | 4.5% initially; beginning July 23, 2014, the 10-year CMS rate plus 95 bps, floor of 1.5%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | July 18
|
| Settlement date: | July 23
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.25%
|
| Cusip: | 5394E8BB4
|
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