Last checked at 11 Oct 2022 09:06
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aggregate principal amount of the Securities listed in the table below were validly tendered and not validly withdrawn by 11:59 p.m., New York City time, on 7 October 2022 (the "Expiration Deadline"), as more fully set forth below. LBG has accepted all Securities that were validly tendered and not validly withdrawn prior to the Expiration Deadline.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 Contingent Convertible Securities Callable 2023 | XS1043552188 | £1,020.00 | £924,331,000 | £135,301,000 |
(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 |
The Shard 32 London Bridge Street, SE1 9SG London, United Kingdom | Telephone: +44 207 704 0880 |
Dealer Managers | |
Lloyds Securities Inc. | Tel: +1 (212) 827-3145 Email: 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 PadleyNon Bank Entities Treasurer & Head of Capital and Recovery and ResolutionTelephone: +44 (0)20 7158 1737Email: Claire-Elizabeth.Padley@LloydsBanking.com
Investor Relations:
Douglas RadcliffeGroup Investor Relations DirectorTelephone: +44 (0)20 7356 1571Email: Douglas.Radcliffe@LloydsBanking.com
Corporate Affairs:
Matthew SmithHead of Media RelationsTel: +44 (0)20 7356 3522Email: matt.smith@lloydsbanking.com