Lloyds calls 7.5% perpetual subordinated contingent convertibles

By Mary-Katherine Stinson

Lexington, Ky., April 29 – Lloyds Banking Group plc will redeem the entire outstanding principal amount of its $1,675,000,000 7.5% fixed-rate reset additional tier 1 perpetual subordinated contingent convertible (ISIN: US539439AG42), according to a notice.

The notes will be redeemed at par plus accrued interest on June 27.

Bank of New York Mellon, acting through its London Branch, is the trustee.

The notes will be canceled and delisted from the Irish Stock Exchange shortly after redemption.

Upon redemption, there will be a loss to CET1 of about £300 million due to the change in foreign exchange rates since notes’ issuance. This does not change Lloyds’ 2024 full year capital generation guidance nor any other aspect of current guidance, the company noted in the release.

The retail and commercial bank is based in Edinburgh with operational headquarters in London.

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