REG - Lloyds Banking Group - Notice of Redemption

Lloyds BankingAnnouncement

23/09/2022 09:30

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RNS Number : 4496A  Lloyds Banking Group PLC  23 September 2022

 

Redemption of 2.907% Senior Callable Fixed-to-Floating Rate Notes Due 2023

 

Lloyds Banking Group plc

 

$2,250,000,000 2.907% Senior Callable Fixed-to- Floating Rate Notes due 2023

(CUSIP: 539439AP4, ISIN: US539439AP41, Common Code: 171530300)*

 

 

September 23, 2022. Lloyds Banking Group plc (the "Group") announces that it
has issued a notice of redemption for the entire outstanding principal amount
of its 2.907% Senior Callable Fixed-to-Floating Rate Notes due 2023 (the
"Notes"). A notice of redemption pursuant to the terms of the Senior Debt
Securities Indenture dated July 6, 2010 as amended and supplemented by the
Third Supplemental Indenture dated November 7, 2017 governing the Notes (the
"Indenture) has been distributed to The Bank of New York Mellon, acting
through its London Branch, as Trustee (the "Trustee").

 

The outstanding Notes will be redeemed on November 7, 2022 (the "Redemption
Date") at an amount equal to 100% of their principal amount, together with any
accrued but unpaid interest to, but excluding, the Redemption Date (the
"Redemption Price"). Accordingly, the listing of the Notes on the New York
Stock Exchange will be cancelled on, or shortly after, November 7, 2022.

 

The location where Holders may surrender the Notes and obtain payment of the
Redemption Price is The Bank of New York Mellon, One Canada Square, London E14
5AL, United Kingdom, Attn: Corporate Trust Administration, Email:
corpsov1@bnymellon.com, Fax: +44 (0) 20 7964 2536.

 

On the Redemption Date, the Redemption Price will become due and payable and
interest on the Notes will cease to accrue. Before the Redemption Date, the
Group will irrevocably deposit with the Trustee or with a Paying Agent an
amount of money sufficient to pay the total Redemption Price of each of the
Notes. When the Group makes such a deposit, all rights of holders of the Notes
will cease, except the holders' rights to receive the Redemption Price, but
without interest, and the Notes will no longer be outstanding.

 

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

 

Group Corporate Treasury:

Liz Padley
Non Bank Entities Treasurer and Head of Capital and Recovery and Resolution

Telephone: +44 (0)7385 032858

 

Peter Green

Head of Senior Funding & Covered Bonds, Debt IR and Rating Agency
Management

Telephone: +44 (0)7385 032953

 

Pascale Dorey

Debt Investor Relations

Telephone: +44 (0)7384 240296

 

 

*This CUSIP number has been assigned to this issue by a third-party, and is
included solely for the convenience of the Holders of the Notes. Neither
Lloyds Banking Group plc nor the Trustee shall be responsible for the
selection or use of this CUSIP number, nor is any representation made as to
its correctness on the Notes or as indicated in any redemption notice.

 

 

FORWARD LOOKING STATEMENTS

 

This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
section 27A of the US Securities Act of 1933, as amended, with respect to
Lloyds Banking Group plc together with its subsidiaries (the Group) and its
current goals and expectations. Statements that are not historical or current
facts, including statements about the Group's or its directors' and/or
management's beliefs and expectations, are forward looking statements. Words
such as, without limitation, 'believes', 'achieves', 'anticipates',
'estimates', 'expects', 'targets', 'should', 'intends', 'aims', 'projects',
'plans', 'potential', 'will', 'would', 'could', 'considered', 'likely', 'may',
'seek', 'estimate', 'probability', 'goal', 'objective', 'deliver',
'endeavour', 'prospects', 'optimistic' and similar expressions or variations
on these expressions are intended to identify forward looking statements.
These statements concern or may affect future matters, including but not
limited to: projections or expectations of the Group's future financial
position, including profit attributable to shareholders, provisions, economic
profit, dividends, capital structure, portfolios, net interest margin, capital
ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other
financial items or ratios; litigation, regulatory and governmental
investigations; the Group's future financial performance; the level and extent
of future impairments and write-downs; the Group's ESG targets and/or
commitments; statements of plans, objectives or goals of the Group or its
management and other statements that are not historical fact; expectations
about the impact of COVID-19; and statements of assumptions underlying such
statements. By their nature, forward looking statements involve risk and
uncertainty because they relate to events and depend upon circumstances that
will or may occur in the future. Factors that could cause actual business,
strategy, plans and/or results (including but not limited to the payment of
dividends) to differ materially from forward looking statements include, but
are not limited to: general economic and business conditions in the UK and
internationally; market related risks, trends and developments; risks
concerning borrower and counterparty credit quality; fluctuations in interest
rates, inflation, exchange rates, stock markets and currencies; volatility in
credit markets; volatility in the price of the Group's securities; any impact
of the transition from IBORs to alternative reference rates; the ability to
access sufficient sources of capital, liquidity and funding when required;
changes to the Group's credit ratings; the ability to derive cost savings and
other benefits including, but without limitation, as a result of any
acquisitions, disposals and other strategic transactions; inability to capture
accurately the expected value from acquisitions; potential changes in dividend
policy; the ability to achieve strategic objectives; insurance risks;
management and monitoring of conduct risk; exposure to counterparty risk;
credit rating risk; tightening of monetary policy in jurisdictions in which
the Group operates; instability in the global financial markets, including
within the Eurozone, and as a result of ongoing uncertainty following the exit
by the UK from the European Union (EU) and the effects of the EU-UK Trade and
Cooperation Agreement; political instability including as a result of any UK
general election and any further possible referendum on Scottish independence;
operational risks; conduct risk; technological changes and risks to the
security of IT and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks; natural pandemic
(including but not limited to the COVID-19 pandemic) and other disasters;
inadequate or failed internal or external processes or systems; acts of
hostility or terrorism and responses to those acts, or other such events;
geopolitical unpredictability; the war between Russia and Ukraine; the
tensions between China and Taiwan; risks relating to sustainability and
climate change (and achieving climate change ambitions), including the Group's
ability along with the government and other stakeholders to measure, manage
and mitigate the impacts of climate change effectively; changes in laws,
regulations, practices and accounting standards or taxation; changes to
regulatory capital or liquidity requirements and similar contingencies;
assessment related to resolution planning requirements; the policies and
actions of governmental or regulatory authorities or courts together with any
resulting impact on the future structure of the Group; failure to comply with
anti-money laundering, counter terrorist financing, anti-bribery and sanctions
regulations; failure to prevent or detect any illegal or improper activities;
projected employee numbers and key person risk; increased labour costs;
assumptions and estimates that form the basis of the Group's financial
statements; the impact of competitive conditions; and exposure to legal,
regulatory or competition proceedings, investigations or complaints. A number
of these influences and factors are beyond the Group's control. Please refer
to the latest Annual Report on Form 20-F filed by Lloyds Banking Group plc
with the US Securities and Exchange Commission (the SEC), which is available
on the SEC's website at www.sec.gov
(https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.sec.gov%2F&data=04%7C01%7CSam.Lacy%40lloydsbanking.com%7Ce77873d12ba54f27da8b08da0e868f52%7C3ded2960214a46ff8cf4611f125e2398%7C0%7C0%7C637838268325760725%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=WLI0LhzItRxgokBInCDsWMnLdZHz%2Fz0jGPOCPf9Z%2BBY%3D&reserved=0)
, for a discussion of certain factors and risks. Lloyds Banking Group plc may
also make or disclose written and/or oral forward-looking statements in other
written materials and in oral statements made by the directors, officers or
employees of Lloyds Banking Group plc to third parties, including financial
analysts. Except as required by any applicable law or regulation, the
forward-looking statements contained in this document are made as of today's
date, and the Group expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking statements
contained in this document whether as a result of new information, future
events or otherwise. The information, statements and opinions contained in
this document do not constitute a public offer under any applicable law or an
offer to sell any securities or financial instruments or any advice or
recommendation with respect to such securities or financial instruments.

 

 

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