Lloyds plans three-year fixed-to-floating notes with 3% initial rate

By Marisa Wong

Madison, Wis., March 19 - Lloyds TSB Bank plc plans to price senior fixed-to-floored floating notes due April 13, 2015, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 3% for the first year. After that, the interest rate will equal Libor plus 150 basis points, subject to a minimum rate of 2.25%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 5394E8AM1) are expected to price on April 4 and settle on April 13.

Barclays Capital Inc. is the agent.

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