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Lloyds plans to price 20-year range accrual notes via Morgan Stanley
By Susanna Moon
Chicago, Aug. 20 - Lloyds TSB Bank plc plans to price callable six-month Libor and S&P 500 index range accrual notes due Sept. 19, 2032, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC is the agent.
For each day that the index closes at or above 990 and six-month Libor is 6% or less, interest will accrue at an annualized rate of 7% to Sept. 19, 2022, at 10% from Sept. 19, 2022 to Sept. 19, 2027 and at 12% from Sept. 19, 2027 to maturity. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Sept. 19, 2017.
The notes are expected to settle on Sept. 19.
The Cusip number is 5394E8BG3.
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