REG - Lloyds Banking Group - Notice of Regulatory and Capital Event Redemptions

Lloyds BankingAnnouncement

04/01/2022 09:50

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RNS Number : 3405X  Lloyds Banking Group PLC  04 January 2022

Lloyds Banking Group plc

Notice of Regulatory and Capital Event Redemptions

4 January 2022

LLOYDS BANKING GROUP PLC

(the "Group")

(LEI: 549300PPXHEU2JF0AM85)

NOTICE OF REGULATORY AND CAPITAL EVENT REDEMPTIONS

to the holders of:

£150,000,000 7.281 per cent. Series B Perpetual Regulatory Tier One
Securities issued by Bank of Scotland plc (ISIN: XS0125686229), of which
£18,096,000 in principal amount is outstanding;

£245,000,000 7.881 per cent. Guaranteed Non-voting Non-cumulative Preferred
Securities having the benefit of a subordinated guarantee of HBOS plc issued
by HBOS Sterling Finance (Jersey) L.P. (ISIN: GB0058327924), of which
£245,000,000 in principal amount is outstanding (£237,327,000 being held by
HBOS plc);

U.S.$2,000,000,000 12.00 per cent. Fixed-to-Floating Rate Perpetual Capital
Securities issued by Lloyds Bank PLC (ISIN: XS0474660676 / US539473AE82), of
which U.S.$1,862,568,000 in principal amount is outstanding; and

£700,022,000 13.00 per cent. Step-Up Perpetual Capital Securities issued by

Lloyds Bank PLC (ISIN: XS0408620721), of which £134,417,000 in principal
amount is outstanding

(each, a "Series").

 

The Group today announces that notice has been given to the holders of the
securities of each Series that each Series will be redeemed in full on 3
February 2022 or 4 February 2022, as the case may be and as detailed below.

Prior to 1 January 2022, each Series was eligible for classification as
Additional Tier 1 Capital pursuant to the transitional provisions set out in
Regulation (EU) No. 575/2013 on prudential requirements for credit
institutions and investment firms of the European Parliament and of the
Council of 26 June 2013, as it forms part of the domestic law of the UK by
virtue of the European Union (Withdrawal Act) 2018.

Each Series ceased as of 1 January 2022 to be eligible for classification as
Additional Tier 1 Capital. The issuer of each Series is therefore exercising
its right to redeem each such Series pursuant to their respective terms and
conditions.

Separate notices and further details in relation to each Series to be redeemed
are set out below.

In addition, the £245,000,000 7.881 per cent. Subordinated Extendable
Maturity Notes due 2048 issued by HBOS plc (ISIN: XS0105254626), of which
£245,000,000 in principal amount is outstanding and held by HBOS Sterling
Finance (Jersey) L.P., will be redeemed in full on 4 February 2022 pursuant to
their terms and conditions.

 

 

BANK OF SCOTLAND PLC

(formerly The Governor and Company of the Bank of Scotland)

(the "Issuer")

(LEI: OQ3T05P7YR8P5YJEVI93)

NOTICE OF REGULATORY EVENT REDEMPTION

to the holders of its

£150,000,000 7.281 per cent. Series B Perpetual Regulatory Tier One
Securities

(ISIN: XS0125686229), of which £18,096,000 in principal amount is outstanding
(the "Securities")

NOTICE IS HEREBY GIVEN by the Issuer to the holders of the Securities in
accordance with Condition 7(d) (Exchange, Variation or Redemption for
Regulatory Purposes) and the trust deed dated 28 February 2001 between the
Issuer and The Bank of New York as trustee constituting the Securities (the
"Trust Deed") that, having satisfied the applicable pre-conditions in
accordance with the Conditions of the Securities, the Issuer will redeem the
outstanding Securities in full on 3 February 2022.

The Securities will be redeemed at the Special Redemption Price together with
any Payments which are Outstanding thereon. The Principal Paying Agent will
calculate the Special Redemption Price on the third dealing day prior to 3
February 2022, and an announcement confirming the Special Redemption Price
will be published as soon as possible following such calculation.

Following redemption of the Securities (i) the Securities will be cancelled
and no further payments of interest or other amounts will be made in respect
of the Securities and (ii) the Securities will be delisted from the Official
List and from the regulated market of the Luxembourg Stock Exchange.

Unless otherwise defined herein, defined terms used herein have the meaning
given to them in the Trust Deed.

 

.

 

HBOS STERLING FINANCE (JERSEY) L.P.

(the "Issuer")

(LEI: 213800RPR5UB4TBGF213)

NOTICE OF CAPITAL EVENT REDEMPTION

to the holders of its

£245,000,000 7.881 per cent. Guaranteed Non-voting Non-cumulative Preferred
Securities having the benefit of a subordinated guarantee of HBOS plc

(ISIN: GB0058327924), of which £245,000,000 in principal amount is
outstanding (£237,327,000 being held by HBOS plc) (the "Securities")

NOTICE IS HEREBY GIVEN by the General Partner, Lloyds Capital GP, to the
holders of the Securities in accordance with the limited partnership agreement
dated 8 December 1999 between the General Partner, Halifax plc and HSBC Issuer
Services Common Depositary Nominee (UK) Limited (as supplemented, the "Limited
Partnership Agreement") that, having satisfied the applicable pre-conditions
in accordance with the Limited Partnership Agreement, the Issuer will redeem
the outstanding Securities in full on 4 February 2022 pursuant to paragraph
4.4 of the terms of the Securities.

The Securities will be redeemed at the Capital Redemption Price together with
any due and accrued but unpaid Distribution and any HBOS Sterling Jersey
Additional Amounts payable thereon. The Calculation Agent will calculate the
Capital Redemption Price, in accordance with the methodology set out in the
definition of "Capital Redemption Price" in paragraph 1 of the terms of the
Securities, on the third dealing day prior to 4 February 2022, and an
announcement confirming the Capital Redemption Price will be published as soon
as possible following such determination.

Following redemption of the Securities (i) the Securities will be cancelled
and no further payments of interest or other amounts will be made in respect
of the Securities and (ii) the Securities will be delisted from the Official
List and from the regulated market of the Luxembourg Stock Exchange.

Unless otherwise defined herein, defined terms used herein have the meaning
given to them in the Limited Partnership Agreement.

 

LLOYDS BANK PLC

(formerly Lloyds TSB Bank PLC)

(the "Issuer")

(LEI: H7FNTJ4851HG0EXQ1Z70)

NOTICE OF REGULATORY EVENT REDEMPTION

to the holders of its

U.S.$2,000,000,000 12.00 per cent. Fixed-to-Floating Rate Perpetual Capital
Securities

(ISIN: XS0474660676 / US539473AE82), of which U.S.$1,862,568,000 in principal
amount is outstanding (the "Securities")

NOTICE IS HEREBY GIVEN by the Issuer to the holders of the Securities in
accordance with Condition 7(d) (Substitution, Variation or Redemption for
Regulatory Purposes) of the Securities and the trust deed dated 16 December
2009 between the Issuer, Lloyds Banking Group plc and BNY Corporate Trustee
Services Limited as trustee constituting the Securities (the "Trust Deed")
that, having satisfied the applicable pre-conditions in accordance with the
Conditions of the Securities, the Issuer will redeem the outstanding
Securities in full on 4 February 2022.

The Securities will be redeemed at their principal amount, together with any
Payments which are Outstanding thereon.

Following redemption of the Securities (i) the Securities will be cancelled
and no further payments of interest or other amounts will be made in respect
of the Securities and (ii) request will be made to the Financial Conduct
Authority (the "FCA") for the listing of the Securities on the Official List
of the FCA and the admission to trading on the regulated market of the London
Stock Exchange to be cancelled.

Unless otherwise defined herein, defined terms used herein have the meaning
given to them in the Trust Deed.

 

LLOYDS BANK PLC

(formerly Lloyds TSB Bank PLC)

(the "Issuer")

(LEI: H7FNTJ4851HG0EXQ1Z70)

NOTICE OF REGULATORY EVENT REDEMPTION

to the holders of its

£700,022,000 13.00 per cent. Step-Up Perpetual Capital Securities

(ISIN: XS0408620721), of which £134,417,000 in principal amount is
outstanding (the "Securities")

NOTICE IS HEREBY GIVEN by the Issuer to the holders of the Securities in
accordance with Condition 7(d) (Substitution, Variation or Redemption for
Regulatory Purposes) of the Securities and the trust deed dated 21 January
2009 between the Issuer, Lloyds Banking Group plc and The Law Debenture Trust
Corporation p.l.c. as trustee constituting the Securities (the "Trust Deed")
that, having satisfied the applicable pre-conditions in accordance with the
Conditions of the Securities, the Issuer will redeem the outstanding
Securities in full on 3 February 2022.

The Securities will be redeemed at the Make Whole Redemption Price together
with any Payments which are Outstanding thereon (including any Deferred Coupon
Payments, which will be satisfied in cash).

In accordance with Condition 17(c), the Issuer has, with the approval of the
Trustee, appointed UBS AG, London Branch as Agent Bank to determine the Make
Whole Redemption Price. The Agent Bank will determine the Make Whole
Redemption Price on the date which is three Business Days prior to 3 February
2022, and an announcement confirming the Make Whole Redemption Price will be
published as soon as possible following such determination.

Following redemption of the Securities (i) the Securities will be cancelled
and no further payments of interest or other amounts will be made in respect
of the Securities and (ii) request will be made to the Financial Conduct
Authority (the "FCA") for the listing of the Securities on the Official List
of the FCA and the admission to trading on the regulated market of the London
Stock Exchange to be cancelled.

Unless otherwise defined herein, defined terms used herein have the meaning
given to them in the Trust Deed.

 

 

FURTHER INFORMATION

This announcement contains inside information in relation to each Series and
is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018 ("UK MAR"). For the purposes of UK MAR and Article 2 of the binding
technical standards published by the Financial Conduct Authority in relation
to UK MAR as regards Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Douglas Radcliffe, Group Investor Relations Director.

For further information in relation to the redemption of each Series, please
contact:

 

Group Corporate Treasury:

Liz Padley

Head of Capital Structuring, Holding Company and Resolution

Telephone: +44 (0)20 7158 1737

Email: Claire-Elizabeth.Padley@LloydsBanking.com

Investor Relations:

Douglas Radcliffe

Group Investor Relations Director

Telephone: +44 (0)20 7356 1571

Email: Douglas.Radcliffe@LloydsBanking.com

Corporate Affairs:

Matthew Smith

Head of Media Relations

Tel: +44 (0)20 7356 3522

Email: matt.smith@lloydsbanking.com

 

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