New Issue: Lloyds prices $3 million fixed-to-floating notes through Barclays

By Angela McDaniels

Tacoma, Wash., April 26 - Lloyds TSB Bank plc priced $3 million of senior fixed-to-floored floating-rate notes due April 27, 2020, according to a 424B5 filing with the Securities and Exchange Commission.

Barclays Capital Inc. is the agent.

The interest rate is 5% for the first two years. Beginning April 27, 2014, the interest rate will be Libor plus 150 basis points, subject to the minimum interest rate. The minimum interest rate is 2% per year for two years and then steps up to 2.5% on April 27, 2016, to 3% on April 27, 2017, to 3.5% on April 27, 2018 and to 4% on April 27, 2019. Interest is payable quarterly.

The payout at maturity will be par.

Issuer:	Lloyds TSB Bank plc
Guarantor:	Lloyds Banking Group plc
Issue:	Senior fixed-to-floored floating-rate notes
Amount:	$3 million
Maturity:	April 27, 2020
Coupon:	5% for first two years; beginning April 27, 2014, Libor plus 150 basis points, subject to minimum interest rate of 2% per year that steps up to 2.5% on April 27, 2016, to 3% on April 27, 2017, to 3.5% on April 27, 2018 and to 4% on April 27, 2019; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	April 24
Settlement date:	April 27
Agent:	Barclays Capital Inc.
Fees:	2%
Cusip:	5394E8AP4

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