Lloyds Bank PLC Notice of Make Whole Redemption Price (1655A)

TIDM94WP

RNS Number : 1655A

Lloyds Bank PLC

31 January 2022

Lloyds Bank PLC

Notice of Make Whole Redemption Price

31 January 2022

LLOYDS BANK PLC

(formerly Lloyds TSB Bank PLC)

(the "Issuer")

(LEI: H7FNTJ4851HG0EXQ1Z70)

NOTICE OF MAKE WHOLE REDEMPTION PRICE

to the holders of its

GBP700,022,000 13.00 per cent. Step-Up Perpetual Capital Securities

(ISIN: XS0408620721), of which GBP134,417,000 in principal amount is outstanding (the "Securities")

Following the publication by the Issuer on 4 January 2022 of a notice announcing that it has elected to redeem all of the outstanding Securities on 3 February 2022 (the "Redemption Date") in accordance with Condition 7(d) (Substitution, Variation or Redemption for Regulatory Purposes) of the Securities and the trust deed dated 21 January 2009 between the Issuer, Lloyds Banking Group plc and The Law Debenture Trust Corporation p.l.c. as trustee constituting the Securities (the "Trust Deed"), NOTICE IS HEREBY GIVEN by the Issuer to the holders of the Securities of the Make Whole Redemption Price.

In accordance with the terms of the Securities, UBS AG London Branch in its capacity as Agent Bank has today determined that the Make Whole Redemption Price in respect of each Security is 138.5528%.(1)

Each Security will be redeemed on the Redemption Date at the Make Whole Redemption Price together with any Payments which are Outstanding thereon (which, for the avoidance of doubt, consists of an Accrued Coupon Payment of 0.4630% in respect of each Security and a Deferred Coupon Payment of 26% in respect of each Security, which will be satisfied in cash).

Unless otherwise defined herein, defined terms used herein have the meaning given to them in the Trust Deed.

   (1)    The Make Whole Redemption Price excludes Deferred Coupons and any other Payments Outstanding 

FURTHER INFORMATION

This announcement contains inside information in relation to the Securities and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). For the purposes of UK MAR and Article 2 of the binding technical standards published by the Financial Conduct Authority in relation to UK MAR as regards Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Douglas Radcliffe, Group Investor Relations Director.

For further information, please contact:

Group Corporate Treasury :

Liz Padley

Head of Capital Structuring, Holding Company and Resolution

Telephone: [phone]

Email: [e-mail]

Investor Relations :

Douglas Radcliffe

Group Investor Relations Director

Telephone: [phone]

Email: [e-mail]

Corporate Affairs:

Matthew Smith

Head of Media Relations

Tel: [phone]

Email: [e-mail]

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END

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January 31, 2022 06:36 ET (11:36 GMT)