Lloyds Bank PLC TENDER OFFER RESULTS OF DATED SUBORDINATED NOTES (8926V)

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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: [phone] / 3939 
              Attention: Liability Management Group 
        Email: [e-mail] 
 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: [phone] 
        Email: [e-mail] 
 
                          Pascale Dorey 
                     Debt Investor Relations 
                    Tel: [phone] 
             Email: [e-mail] 
 
                        Douglas Radcliffe 
                Group Investor Relations Director 
                 Telephone: [phone] 
           Email: [e-mail] 
 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: [phone] 
                    Attention: Arlind Bytyqi 
                 Email: [e-mail] 
         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.

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END

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August 12, 2022 06:56 ET (10:56 GMT)