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Lloyds Bank launches cash tender offer for four series of notes
By Sarah Lizee
Olympia, Wash., March 30 – Lloyds Bank plc launched a cash tender offer for four series of its senior notes, according to notice with the London Stock Exchange.
The following notes are included in the offer:
• $1.25 billion of 3.3% senior notes due 2021 (Cusip: 53944VAP4), with pricing to be set using the 0.375% Treasury due March 31, 2022 plus 300 basis points;
• $1 billion of floating-rate notes due 2021 (Cusip: 53944VAQ2), with pricing set at $980 per $1,000 principal amount;
• $1.5 billion of 2.25% senior notes due 2022 (Cusip: 53944VAS8), with pricing to be set using the 0.375% Treasury due March 31, 2022 plus 285 bps; and
• $440,463,000 of 3.5% senior notes due 2025 (Cusip: 53944VAH2), with pricing to be set using the 0.5% Treasury due March 31, 2025 plus 285 bps.
Pricing will be set at 2 p.m. ET on April 6.
Holders will also receive accrued interest.
The offer will expire at 5 p.m. ET on April 6.
Settlement is expected for April 9.
Notes may be withdrawn prior to the expiration time.
The offer is not conditional upon any minimum amount of notes being tendered. However, the offer is conditional upon the satisfaction or waiver of conditions.
The purpose of the offer is to maintain a prudent approach to the management of its funding and liquidity base, the bank said.
Lucid Issuer Services Ltd. (+ 44 20 7704 0080, lloydsbank@lucid-is.com) is the tender agent. The joint dealer managers are J.P. Morgan Securities LLC (866 834-4666, 212 834-8553) and Lloyds Securities Inc. (212 284-0411, liability.management@lloydsbanking.com).
Lloyds is a bank and financial services group based in London.
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