REG - Lloyds Bank Plc - TENDER OFFER RESULTS OF DATED SUBORDINATED NOTES

Lloyds BankingAnnouncement

12/08/2022 13:00

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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 £750,000,000 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:

 

 Description of the Notes                                         ISIN Number   Aggregate Nominal Amount Accepted for Purchase  Reference Yield*  Repurchase Yield(*)  Purchase Price

 £750,000,000 7.625 per cent. Dated Subordinated Notes due 2025   XS0503834821  £477,142,000                                    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
£0.01 with £0.005 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,
£272,858,000 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
 (mailto:Claire-Elizabeth.Padley@LloydsBanking.com)

 Pascale Dorey

Debt Investor Relations

Tel: +44 (0)20 7158 1060

Email: Pascale.Dorey@LloydsBanking.com
 (mailto:Pascale.Dorey@LloydsBanking.com)

 Douglas Radcliffe

Group Investor Relations Director

Telephone: +44 (0)20 7356 1571

Email: Douglas.Radcliffe@LloydsBanking.com
 (mailto: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
 (https://deals.is.kroll.com/natwestgroup)

 

 

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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