REG - Lloyds Banking Group - Notice of Redemption

Lloyds BankingAnnouncement

24/03/2023 09:15

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RNS Number : 1549U  Lloyds Banking Group PLC  24 March 2023

 

Redemption of 0.695% Senior Callable Fixed-to-Fixed Rate Notes Due 2024

 

Lloyds Banking Group plc

 

$1,000,000,000 0.695% Senior Callable Fixed-to-Fixed Rate Notes due 2024

(CUSIP: 53944YAN3, ISIN: US53944YAN31, Common Code: 231480960)*

 

 

March 24, 2023. Lloyds Banking Group plc (the "Group") announces that it has
issued a notice of redemption for the entire outstanding principal amount of
its 0.695% Senior Callable Fixed-to-Fixed Rate Notes due 2024 (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 Thirteenth
Supplemental Indenture dated March 11, 2021 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 May 11, 2023 (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, May 11, 2023.

 

The location where Holders may surrender the Notes and obtain payment of the
Redemption Price is The Bank of New York Mellon, London Branch, 160 Queen
Victoria Street, London EC4V 4LA, 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 the
business, strategy, plans and/or results of 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; political instability
including as a result of any UK general election and any further possible
referendum on Scottish independence; 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;
market related risks, trends and developments; exposure to counterparty risk;
instability in the global financial markets, including within the Eurozone,
and as a result of the exit by the UK from the European Union (EU) and the
effects of the EU-UK Trade and Cooperation Agreement; the ability to access
sufficient sources of capital, liquidity and funding when required; changes to
the Group's credit ratings; fluctuations in interest rates, inflation,
exchange rates, stock markets and currencies; volatility in credit markets;
volatility in the price of the Group's securities; tightening of monetary
policy in jurisdictions in which the Group operates; natural pandemic
(including but not limited to the COVID-19 pandemic) and other disasters;
risks concerning borrower and counterparty credit quality; risks affecting
insurance business and defined benefit pension schemes; risks related to the
uncertainty surrounding the integrity and continued existence of reference
rates; changes in laws, regulations, practices and accounting standards or
taxation; changes to regulatory capital or liquidity requirements and similar
contingencies; the policies and actions of governmental or regulatory
authorities or courts together with any resulting impact on the future
structure of the Group; risks associated with the Group's compliance with a
wide range of laws and regulations; assessment related to resolution planning
requirements; risks related to regulatory actions which may be taken in the
event of a bank or Group failure; exposure to legal, regulatory or competition
proceedings, investigations or complaints; 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;
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; technological
failure; inadequate or failed internal or external processes or systems; risks
relating to ESG matters, such as 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, and human rights issues; the impact of competitive conditions;
failure to attract, retain and develop high calibre talent; the ability to
achieve strategic objectives; 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; assumptions and estimates that form the
basis of the Group's financial statements; and potential changes in dividend
policy. 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, 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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