REG - Lloyds Bank Plc - Lloyds Bank PLC Tender Offer Results

Lloyds BankingAnnouncement

19/05/2020 16:40

RNS Number : 3883N
  
Lloyds Bank PLC
  
19 May 2020
  
 

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, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR INTO ANY OTHER JURISDICTION 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 FINAL RESULTS OF ITS TENDER OFFERS IN RELATION TO CERTAIN STERLING AND EURO NOTES
19 May 2020
Further to the indicative results announcement made earlier today, Lloyds Bank plc (the "Offeror") hereby announces the pricing, acceptance and final results of its invitations to all Holders of the Notes set out in the table below to tender their outstanding Notes for purchase by the Offeror for cash up to a maximum aggregate nominal amount to be determined by the Offeror in its sole and absolute discretion (being the Maximum Acceptance Amount) (each such invitation an "Offer" and, together, the "Offers"). 
The Offers were announced on 11 May 2020 and were made subject to the offer and distribution restrictions set out in the tender offer memorandum dated 11 May 2020 (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 FINAL RESULTS
 
The Offeror hereby announces that (i) the Maximum Acceptance Amount is equal to £486,755,563 and (ii) it accepts valid tenders of each Series of Notes pursuant to the Offers in an aggregate nominal amount equal to the relevant Series Acceptance Amount as set out in the table below.
 
As stated in the indicative results announcement, the pricing took place at around 2.00 p.m. London time today in the manner described in the Tender Offer Memorandum. The final pricing details are set out below:




Title of Security




ISIN Number




Aggregate Nominal Amount Validly Tendered




Pro-ration Factor




Series Acceptance Amount




Series Acceptance Amount (Sterling equivalent converted at the Euro FX Rate)




Reference Yield




Repurchase Yield*




Purchase Price





Sterling Notes
































£250,000,000 2.500 per cent. Notes due June 2022


XS1239389684


£36,473,000 


n.a.


£36,473,000 


n.a.


0.020%


1.023%


102.953%




Euro Notes
































€1,500,000,000 1.000 per cent. Notes due November 2021


XS1139091372


€409,038,000 


n.a.


€409,038,000


£364,268,791


-0.241%


0.259%


101.106%




€1,250,000,000 1.375 per cent. Notes due September 2022 


XS1280783983


€96,585,000 


n.a.


€96,585,000 


£86,013,772 


-0.274%


0.476%


102.051%



______________

* On an annualised 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 relevant Purchase Price for the Notes, multiplied by each Authorised Denomination in aggregate nominal amount of such Notes (rounded to the nearest €0.01 or £0.01, as applicable, with €0.005 or £0.005 being rounded upwards); plus
(ii)        any Accrued Interest Payment payable in respect of the relevant Notes.
 
SETTLEMENT DATE
The Settlement Date is expected to be 21 May 2020.
 
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"). For the purposes of MAR, this announcement is made by Douglas Radcliffe, Group Investor Relations Director.
For further information please contact:
 
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
 
 
 



Requests for information in relation to the Offers should be directed to:
JOINT DEALER MANAGERS




J.P. Morgan Securities plc

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom
Telephone: +44 20 7134 2468

Attention: Liability Management

email: liability_management_EMEA@jpmorgan.com


Lloyds Bank Corporate Markets plc

10 Gresham Street

London EC2V 7AE

United Kingdom

Tel: +44 20 7158 1726 / 1719

Attention: Liability Management Group

email: liability.management@lloydsbanking.com










Requests for information in relation to, and for any documents or materials relating to, the Offers should be directed to:




TENDER AGENT




Lucid Issuer Services Limited
Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

Tel: +44 20 7704 0880

Attention: Arlind Bytyqi

email: lloydsbank@lucid-is.com



 
 
The Offeror launched, contemporaneously with the launch of the Offers, offers to holders of five series of U.S. dollar denominated notes issued by the Offeror. This announcement does not relate to the U.S. Offer.
 
DISCLAIMER
This announcement must be read in conjunction with the announcements relating to the Offers published via RNS on 11 May 2020 and 19 May 2020 and the Tender Offer Memorandum. This announcement does not constitute an offer or an invitation to participate in the Offers 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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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