Lloyds Bank launches tender offer for 12% perpetual fixed-to-floaters

By Sarah Lizee

Olympia, Wash., March 31 – Lloyds Bank plc launched a cash tender offer for any and all of its 12% fixed-to-floating rate perpetual capital securities (ISINs: XS0474660676, US539473AE82), according to a press release.

The offer will expire at 5 p.m. ET on April 6.

The purchase price will be $1,090 per $1,000 of notes.

Holders will also receive accrued interest.

Settlement is scheduled for April 9.

The offer is not conditional upon any minimum amount of notes being tendered but it is conditional upon the satisfaction or waiver of some conditions.

Tenders may be withdrawn by the expiration time.

The bank said the purpose of the offer is to maintain a prudent approach to the management of its capital position.

Lucid Issuer Services Ltd. (lloydsbank@lucid-is.com, + 44 20 7704 0080) is the tender agent.

The joint dealer managers are Goldman Sachs International (+44 20 7552 6157) and Lloyds Securities Inc. (212 284-0411, liability.management@lloydsbanking.com).

Lloyds is a bank and financial services group based in London.

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