RE: Lloyds3 Aug 2022 19:18
LLOYDS BANK PLC ANNOUNCES TENDER OFFER IN RELATION TO ONE SERIES OF DATED SUBORDINATED NOTES
3 August 2022
Lloyds Bank plc (the "Offeror") has today launched a tender offer to repurchase any and all of its £750,000,000 7.625 per cent. Dated Subordinated Notes due 2025 (the "Notes").
THE OFFER
On the terms of and subject to the conditions contained in a tender offer memorandum dated 3 August 2022 (the "Tender Offer Memorandum"), the Offeror has invited all Holders (subject to the Offer and Distribution Restrictions referred to below) of the Notes to tender their outstanding Notes for purchase by the Offeror for cash (the "Offer").
Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Tender Offer Memorandum. The Tender Offer Memorandum is available from the Tender Agent (subject to the Offer and Distribution Restrictions referred to below).
Rationale for the Offer
The Offeror is making the Tender Offer as part of Lloyds Banking Group plc's ("LBG") continuous review and management of its outstanding capital base, maintaining a prudent approach to the management of LBG's capital position.