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Name | Symbol | Market | Type |
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Lloyds Bk. | LSE:94WP | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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TIDM94WP
RNS Number : 8926V
Lloyds Bank PLC
12 August 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS DEFINED IN THE TENDER OFFER MEMORANDUM) OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.
LLOYDS BANK PLC ANNOUNCES PRICING, ACCEPTANCE AND RESULT OF ITS TENDER OFFER IN RELATION TO ONE SERIES OF DATED SUBORDINATED NOTES
12 August 2022
Lloyds Bank plc (the "Offeror") hereby announces the pricing, acceptance and results of its invitations to all Holders of its GBP750,000,000 7.625 per cent. Dated Subordinated Notes due 2025 (the "Notes") to tender their outstanding Notes for purchase by the Offeror for cash (the "Offer").
The Offer was announced on 3 August 2022 and was made subject to the offer and distribution restrictions set out in the tender offer memorandum dated 3 August 2022 (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 RESULT
The Offeror hereby announces (i) that it accepts all valid tenders of the Notes pursuant to the Offer and (ii) the Reference Yield, the Repurchase Yield and the Purchase Price of the Notes, each as set out in the table below.
The pricing took place at around 11.00 a.m. London time today in the manner described in the Tender Offer Memorandum. The pricing details are set out below:
Aggregate Nominal Description of the Amount Accepted for Notes ISIN Number Purchase Reference Yield* Repurchase Yield(*) Purchase Price --------------------- -------------- --------------------- ----------------- -------------------- --------------- GBP750,000,000 7.625 per cent. Dated Subordinated Notes due 2025 XS0503834821 GBP477,142,000 2.116% 3.816% 109.619%
______________
* Expressed on a semi-annual 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 Purchase Price for the Notes, multiplied by each Authorised Denomination in aggregate nominal amount of such Notes (rounded to the nearest GBP0.01 with GBP0.005 being rounded upwards); plus
(ii) an amount equal to interest accrued and unpaid on the Notes from (and including) the immediately preceding interest payment date for the Notes to (but excluding) the Settlement Date.
SETTLEMENT DATE
The Settlement Date is expected to be 16 August 2022. Following settlement of the Offer and the cancellation of the Notes accepted for purchase, GBP272,858,000 in aggregate nominal amount of Notes will remain outstanding.
FURTHER INFORMATION
This announcement contains inside information in relation to the Notes and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 ("MAR"), as amended, as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018. For the purposes of MAR, this announcement is made by Douglas Radcliffe, Group Investor Relations Director.
Requests for information by Institutional Holders in relation to the Offer should be directed to: DEALER MANAGER Lloyds Bank Corporate Markets plc 10 Gresham Street London EC2V 7AE United Kingdom Tel: +44 20 7158 1726 / 3939 Attention: Liability Management Group Email: lbcmliabilitymanagement@lloydsbanking.com Requests for information by Retail Holders in relation to the Offer should be directed to: OFFEROR Lloyds Bank plc 10 Gresham Street London EC2V 7AE United Kingdom Liz Padley Non Bank Entities Treasurer & Head of Capital and Recovery and Resolution Tel: +44 (0)20 7158 1737 Email: Claire-Elizabeth.Padley@LloydsBanking.com Pascale Dorey Debt Investor Relations Tel: +44 (0)20 7158 1060 Email: Pascale.Dorey@LloydsBanking.com Douglas Radcliffe Group Investor Relations Director Telephone: +44 (0)20 7356 1571 Email: Douglas.Radcliffe@LloydsBanking.com Requests for information in relation to, and for any documents or materials relating to, the Offer should be directed to: TENDER AGENT Kroll Issuer Services Limited The Shard 32 London Bridge Street London SE1 9SG United Kingdom Telephone: +44 207 704 0880 Attention: Arlind Bytyqi Email: lloydsbank@is.kroll.com Website: https://deals.is.kroll.com/lloydsbank
DISCLAIMER
This announcement must be read in conjunction with the announcement relating to the Offer published via RNS on 3 August 2022 and the Tender Offer Memorandum. This announcement does not constitute an offer or an invitation to participate in the Offer 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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August 12, 2022 06:56 ET (10:56 GMT)
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