Lloyds Bank PLC TENDER OFFER RESULTS OF DATED SUBORDINATED NOTES (8926V)
12 8월 2022 - 7:56PM
UK Regulatory
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.
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END
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