Lloyds Banking Group PLC Pricing and final result for non US tender offer (0598J)

TIDMLLOY TIDM94WP

RNS Number : 0598J

Lloyds Banking Group PLC

23 June 2017

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS) (THE "UNITED STATES") OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

LLOYDS BANK PLC ANNOUNCES PRICING, ACCEPTANCE AND FINAL RESULTS OF ITS TENDER OFFERS IN RELATION TO CERTAIN STERLING AND EURO NOTES

23 June 2017

Further to the indicative results announcement made earlier today, Lloyds Bank plc (the "Offeror") hereby announces the pricing, acceptance and final results of its invitations to all Holders of the Notes set out in the table below to tender their outstanding Notes for purchase by the Offeror for cash up to a maximum aggregate nominal amount to be determined by the Offeror in its sole and absolute discretion (being the Maximum Acceptance Amount) (each such invitation an "Offer" and, together, the "Offers").

The Offers were announced on 12 June 2017 and were made subject to the offer and distribution restrictions set out in the tender offer memorandum dated 12 June 2017 (the "Tender Offer Memorandum"). Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Tender Offer Memorandum.

PRICING, ACCEPTANCE AND FINAL RESULTS

The Offeror hereby announces that (i) the Maximum Acceptance Amount is equal to GBP950,273,348 and (ii) it accepts valid tenders of each Series of Notes pursuant to the Offers in an aggregate nominal amount equal to the relevant Series Acceptance Amount as set out in the table below.

As stated in the indicative results announcement, the pricing took place at around 2.00 p.m. London time today in the manner described in the Tender Offer Memorandum. The final pricing details are set out below:

 
                                                                                    Series Acceptance 
                                     Nominal Amount                Series           Amount (Sterling 
                                     Validly          Pro-ration   Acceptance       equivalent converted   Reference   Repurchase   Purchase 
 Title of Security   ISIN Number     Tendered         Factor       Amount           at the Euro FX Rate)   Yield       Yield(*)     Price 
------------------  --------------  ---------------  -----------  ---------------  ---------------------  ----------  -----------  ----------- 
 Sterling Notes 
 GBP250,000,000 
  2.500 per cent. 
  Notes due June 
  2022               XS1239389684    GBP80,855,000        1        GBP80,855,000            n.a.            0.376%       1.079%      106.784% 
 Euro Notes 
 EUR1,350,000,000    XS1109333986    EUR324,329,000       1        EUR324,329,000      GBP285,827,972        n.a.         n.a.        Fixed 
 Floating Rate                                                                                                                       Purchase 
 Notes due                                                                                                                           Price of 
 September 2019                                                                                                                     EUR1008.50 
                                                                                                                                       per 
                                                                                                                                     EUR1,000 
                                                                                                                                        in 
                                                                                                                                    aggregate 
                                                                                                                                     nominal 
                                                                                                                                      amount 
 EUR1,000,000,000 
  0.625 per cent. 
  Notes due April 
  2020               XS1219428957    EUR196,225,000       1        EUR196,225,000      GBP172,931,171       -0.108%     -0.108%      102.067% 
 EUR1,500,000,000 
  1.000 per cent. 
  Notes due 
  November 2021      XS1139091372    EUR434,789,000       0             EUR0                GBP0            0.066%       0.116%      103.875% 
 EUR1,250,000,000 
  1.375 per cent. 
  Notes due 
  September 2022     XS1280783983    EUR298,364,000       1        EUR298,364,000      GBP262,945,272       0.162%       0.262%      105.741% 
 EUR1,250,000,000 
  1.250 per cent. 
  Notes due 
  January 2025       XS1167204699    EUR167,611,000       1        EUR167,611,000      GBP147,713,933       0.444%       0.569%      105.016% 
 

______________

* On an annualised basis.

TOTAL CONSIDERATION

The total amount that will be paid to each Holder on the Settlement Date for the Notes validly submitted for tender and accepted for purchase by the Offeror will be an amount in cash equal to:

(i) the relevant Purchase Price for the Notes, multiplied by each Authorised Denomination in aggregate nominal amount of such Notes (rounded to the nearest EUR0.01 or GBP0.01, as applicable, with EUR0.005 or GBP0.005 being rounded upwards); plus

   (ii)        any Accrued Interest Payment payable in respect of the relevant Notes. 

SETTLEMENT DATE

The Settlement Date is expected to be 27 June 2017.

FURTHER INFORMATION

For further information please contact:

Investor Relations:

Douglas Radcliffe

Group Investor Relations Director

Telephone: [phone]

Email: [e-mail]

 
  Requests for information in relation to the 
          Offers should be directed to: 
                 DEALER MANAGER 
                Lloyds Bank plc 
                10 Gresham Street 
                 London EC2V 7AE 
                 United Kingdom 
              Tel: [phone] 
      Attention: Liability Management Group 
  email: [e-mail] 
 
 Requests for information in relation to, and 
  for any documents or materials relating to, 
  the Offers should be directed to: 
                  TENDER AGENT 
         Lucid Issuer Services Limited 
                 Tankerton Works 
                 12 Argyle Walk 
                 London WC1H 8HA 
                 United Kingdom 
              Tel: [phone] 
     Attention: Paul Kamminga/Arlind Bytyqi 
         email: [e-mail] 
 

The Offeror launched, contemporaneously with the launch of the Offers, offers to holders of three series of U.S. dollar denominated notes issued by the Offeror. This announcement does not relate to the U.S. Offer.

DISCLAIMER

This announcement must be read in conjunction with the announcements relating to the Offers published via RNS on 12 June 2017 and 23 June 2017 and the Tender Offer Memorandum. This announcement does not constitute an offer or an invitation to participate in the Offers in the United States or in any other jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws.

This information is provided by RNS

The company news service from the London Stock Exchange

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June 23, 2017 10:24 ET (14:24 GMT)