Pricing and final result for non US tender offer

RNS Number : 0598J

Lloyds Banking Group PLC

23 June 2017

 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS) (THE "UNITED STATES") OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

LLOYDS BANK PLC ANNOUNCES PRICING, ACCEPTANCE AND FINAL RESULTS OF ITS TENDER OFFERS IN RELATION TO CERTAIN STERLING AND EURO NOTES

23 June 2017

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 12 June 2017 and were made subject to the offer and distribution restrictions set out in the tender offer memorandum dated 12 June 2017 (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 £950,273,348 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	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	£80,855,000	1	£80,855,000	n.a.	0.376%	1.079%	106.784%
Euro Notes
€1,350,000,000 Floating Rate Notes due September 2019	XS1109333986	€324,329,000	1	€324,329,000	£285,827,972	n.a.	n.a.	Fixed Purchase Price of €1008.50 per €1,000 in aggregate nominal amount
€1,000,000,000 0.625 per cent. Notes due April 2020	XS1219428957	€196,225,000	1	€196,225,000	£172,931,171	-0.108%	-0.108%	102.067%
€1,500,000,000 1.000 per cent. Notes due November 2021	XS1139091372	€434,789,000	0	€0	£0	0.066%	0.116%	103.875%
€1,250,000,000 1.375 per cent. Notes due September 2022	XS1280783983	€298,364,000	1	€298,364,000	£262,945,272	0.162%	0.262%	105.741%
€1,250,000,000 1.250 per cent. Notes due January 2025	XS1167204699	€167,611,000	1	€167,611,000	£147,713,933	0.444%	0.569%	105.016%

______________
* 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 27 June 2017.

FURTHER INFORMATION

For further information please contact:

Investor Relations:

Douglas Radcliffe

Group Investor Relations Director

Telephone: [phone]

Email: [e-mail]

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

Lloyds Bank plc 10 Gresham Street London EC2V 7AE United Kingdom Tel: [phone] Attention: Liability Management Group email: [e-mail]

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: [phone] Attention: Paul Kamminga/Arlind Bytyqi email: [e-mail]

The Offeror launched, contemporaneously with the launch of the Offers, offers to holders of three 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 12 June 2017 and 23 June 2017 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.

 

END

 

 

MSCPGUGPQUPMGCW