Lloyds Banking Group PLC Result of Tender Offer for Certain Perpetual Notes
June 23 2016 - 7:41AM
Dow Jones News
TIDMLLOY
RNS Number : 0966C
Lloyds Banking Group PLC
23 June 2016
23 June 2016
Lloyds Banking Group plc ANNOUNCES RESULTS OF TENDER OFFER FOR
CERTAIN PERPETUAL NOTES
Lloyds Banking Group plc ('LBG') today announced the final
results of its previously announced U.S. dollar cash tender offer
(the 'Offer') for any and all of certain series of outstanding
perpetual notes (the 'Notes') issued by Lloyds Bank plc and Bank of
Scotland plc (formerly The Governor and Company of the Bank of
Scotland). The Offer was made on the terms and subject to the
conditions set forth in the Offer to Purchase dated 16 June 2016
(the 'Offer to Purchase'). Capitalised 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, $629,760,000
in aggregate principal amount of the Notes listed in the table
below were validly tendered and not validly withdrawn by 5.00pm,
New York City time, on 22 June 2016 (the 'Expiration Deadline'), as
more fully set forth below. LBG has accepted all Notes that were
validly tendered and not validly withdrawn prior to the Expiration
Deadline. The Any and All Settlement Date is expected to be 24 June
2016. No notes were tendered using the guaranteed delivery
procedures.
The table below sets forth, among other things, the principal
amount of each series of Notes validly tendered and not validly
withdrawn at or prior to the Expiration Deadline:
Notes Issuer ISIN Purchase Aggregate
Price(1) Principal
Amount Tendered
------------------- ------------- -------------- ---------- -----------------
Primary Capital
Undated Floating
Rate Notes
(Series Lloyds Bank
1) plc GB0005224307 $650 $138,160,000
------------------- ------------- -------------- ---------- -----------------
Primary Capital
Undated Floating
Rate Notes
(Series Lloyds Bank
2) plc GB0005205751 $650 $150,520,000
------------------- ------------- -------------- ---------- -----------------
Primary Capital
Undated Floating
Rate Notes
(Series Lloyds Bank
3) plc GB0005232391 $650 $193,460,000
------------------- ------------- -------------- ---------- -----------------
Undated Floating Bank of
Rate Primary Scotland
Capital Notes plc GB0000765403 $650 $147,620,000
------------------- ------------- -------------- ---------- -----------------
(1) Per $1,000 in principal amount of Notes accepted for
purchase.
- END -
Lucid Issuer Services Limited acted as tender agent for the
Offer. BNP Paribas Securities Corp., Citigroup Global Markets
Limited and Lloyds Bank plc acted as Dealer Managers for the Offer.
Questions regarding the Offer should be directed to BNP Paribas
Securities Corp., Liability Management Group at +1 (212) 841-3059
(U.S. collect), +1 (888) 210-4358 (U.S. toll free), +44 (0) 20 7595
8668 (Europe); Citigroup Global Markets Limited, Liability
Management Group at +1 (212) 723-6106 (U.S. collect), +1 (800)
558-3745 (U.S. toll free), +44 (0) 20 7986 8969 (Europe); Lloyds
Bank plc, Liability Management Group at +1 (212) 827-3105 (U.S.
collect), +1 (855) 400-6511 (U.S. toll free), +44 (0) 20 7158 2720
(Europe).
For further information:
Investor Relations
Mike Butters +44 (0) 20 7356 1187
Director of Investor Relations
Email: mike.butters@finance.lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements with
respect to the business, strategy and plans of Lloyds Banking Group
and its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about Lloyds Banking Group's
or its directors' and/or management's beliefs and expectations, are
forward looking 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 the plans, objectives,
expectations, estimates and intentions expressed in such forward
looking statements made by the Group or on its behalf include, but
are not limited to: general economic and business conditions in the
UK and internationally; market related trends and developments;
fluctuations in exchange rates, stock markets and currencies; 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; changing customer behaviour
including consumer spending, saving and borrowing habits; changes
to borrower or counterparty credit quality; instability in the
global financial markets, including Eurozone instability, the
potential for one or more countries to exit the Eurozone or
European Union (EU) (including the UK as a result of a referendum
on its EU membership) and the impact of any sovereign credit rating
downgrade or other sovereign financial issues; technological
changes and risks to cyber security; natural, pandemic and other
disasters, adverse weather and similar contingencies outside the
Group's control; inadequate or failed internal or external
processes or systems; acts of war, other acts of hostility,
terrorist acts and responses to those acts, geopolitical, pandemic
or other such events; changes in laws, regulations, accounting
standards or taxation, including as a result of further Scottish
devolution; changes to regulatory capital or liquidity requirements
and similar contingencies outside the Group's control; the
policies, decisions and actions of governmental or regulatory
authorities or courts in the UK, the EU, the US or elsewhere
including the implementation and interpretation of key legislation
and regulation; the ability to attract and retain senior management
and other employees; requirements or limitations imposed on the
Group as a result of HM Treasury's investment in the Group; actions
or omissions by the Group's directors, management or employees
including industrial action; changes to the Group's post-retirement
defined benefit scheme obligations; the provision of banking
operations services to TSB Banking Group plc; the extent of any
future impairment charges or write-downs caused by, but not limited
to, depressed asset valuations, market disruptions and illiquid
markets; the value and effectiveness of any credit protection
purchased by the Group; the inability to hedge certain risks
economically; the adequacy of loss reserves; the actions of
competitors, including non-bank financial services and lending
companies; and exposure to regulatory or competition scrutiny,
legal, regulatory or competition proceedings, investigations or
complaints. Please refer to the latest Annual Report on Form 20-F
filed with the US Securities and Exchange Commission for a
discussion of certain factors together with examples of forward
looking statements. 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 Lloyds Banking Group
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward looking
statements. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TENFJMMTMBATBLF
(END) Dow Jones Newswires
June 23, 2016 07:26 ET (11:26 GMT)
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