REG - Lloyds Banking Group - LBG ANNOUNCES RESULTS OF TENDER OFFER

Lloyds BankingAnnouncement

11/10/2022 09:15

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RNS Number : 4730C  Lloyds Banking Group PLC  11 October 2022

 

News
Release
 

11 October 2022

Lloyds Banking Group plc ANNOUNCES RESULTS OF TENDER OFFER FOR ONE SERIES OF
ITS STERLING DENOMINATED ADDITIONAL TIER 1 SECURITIES

Lloyds Banking Group plc ("LBG") today announced the final results of its
previously announced cash tender offer (the "Offer") for any and all of one
series of its outstanding Sterling denominated Additional Tier 1 Securities
(the "Securities"). The Offer was made on the terms and subject to the
conditions set forth in the Offer to Purchase dated 12 September 2022 (the
"Offer to Purchase"). Capitalized terms not otherwise defined in this
announcement have the same meaning as in the Offer to Purchase.

 

Based on information provided by the Tender Agent, £924,331,000 aggregate
principal amount of the Securities listed in the table below were validly
tendered and not validly withdrawn by 11:59 p.m., New York City time, on 7
October 2022 (the "Expiration Deadline"), as more fully set forth below. LBG
has accepted all Securities that were validly tendered and not validly
withdrawn prior to the Expiration Deadline. The Settlement Date is expected to
be 13 October 2022.

 

The table below sets forth, among other things, the principal amount of the
Securities validly tendered and accepted pursuant to the Offer:

 

 Securities                                                            ISIN          Purchase Price((1))  Aggregate Principal Amount Accepted  Aggregate Principal Amount Outstanding After Completion of the Offer
 LBG 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated  XS1043552188  £1,020.00            £924,331,000                         £135,301,000
 Contingent Convertible Securities Callable 2023

 

(2)    Per £1,000 in principal amount of Securities accepted for
purchase.

 

Kroll Issuer Services Limited acted as tender agent for the Offer. Lloyds
Securities Inc. and UBS AG London Branch acted as Dealer Managers for the
Offer. Questions regarding the Offer should be directed to:

 

 Tender Agent
 Kroll Issuer Services Limited      Email: lbg@is.kroll.com (mailto:lbg@is.kroll.com)
 The Shard                          Telephone: +44 207 704 0880

 32 London Bridge Street, SE1 9SG

 London, United Kingdom
 Dealer Managers
 Lloyds Securities Inc.             Tel: +1 (212) 827-3145

                                    Email: lbcmliabilitymanagement@lloydsbanking.com
                                    (mailto:lbcmliabilitymanagement@lloydsbanking.com)

                                    Attn: Liability Management Group
 UBS AG London Branch               Tel: +1 888 719 4210 (U.S. Toll Free)

                                    Tel: +1 203 719 4210 (U.S.)

                                    Tel: +44 20 7568 1121 (Europe)

                                    Email: ol-liabilitymanagement-eu@ubs.com

                                    Attn: Liability Management Group

 

Further Information

This announcement contains inside information in relation to the Securities
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 please contact:

Group Corporate Treasury:

Liz Padley

Non Bank Entities Treasurer & Head of Capital and Recovery 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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