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Lloyds lowers index reference level for range accrual notes tied to S&P 500, six-month Libor
By Toni Weeks
San Diego, April 18 - Lloyds TSB Bank plc amended its offering for callable range accrual notes due April 27, 2027 linked to the S&P 500 index and six-month Libor, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will accrue at 7.5% multiplied by the proportion of days on which the index closes at or above 900 and six-month Libor is 6% or less. Previously, the index reference level required to satisfy the condition for paying the coupon was specified as 990.
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 April 27, 2014.
The notes (Cusip: 5394E8AQ2) will settle April 27.
Morgan Stanley & Co. LLC is the agent.
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