Pricing and final result for non US tender offer
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: +44 (0)20 7356 1571
Email: douglas.radcliffe@finance.lloydsbanking.com
|
Requests for information in relation to the Offers should be directed to: DEALER MANAGER |
|
Lloyds Bank plc |
|
|
|
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 |
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.
This information is provided by RNS
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