By Angela McDaniels
Tacoma, Wash., Dec. 18 - Lloyds Bank plc priced $5 million of additional callable capped CMS steepener notes due Dec. 27, 2028, according to a 424B5 filing with the Securities and Exchange Commission.
This brings the total issue size to $20 million. Lloyds priced an initial $10 million of the notes on Dec. 9 and $5 million more on Dec. 12.
The coupon will be 10% for the first year. After that, the rate will be 4.75 times the spread of the 30-year Constant Maturity Swap rate over the five-year Constant Maturity Swap rate, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on Dec. 27, 2014.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Lloyds Bank plc
|
| Issue: | Callable capped CMS steepener notes
|
| Amount: | $20 million, increased from $10 million
|
| Maturity: | Dec. 27, 2028
|
| Coupon: | 10% for one year; after that, 4.75 times spread of 30-year CMS rate over five-year CMS rate, capped at 10% with floor of zero; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on Dec. 27, 2014
|
| Pricing dates: | Dec. 9 for $10 million, Dec. 12 for $5 million; Dec. 17 for $5 million
|
| Settlement date: | Dec. 27
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 5394E8CF4
|
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