New Issue: Lloyds prices $15 million more step-up notes with 3.5% initial rate

By Angela McDaniels

Tacoma, Wash., Sept. 14 - Lloyds TSB Bank plc priced an additional $15 million principal amount of callable step-up fixed-rate notes due Sept. 19, 2027 via Morgan Stanley & Co. LLC, according to a 424B5 filing with the Securities and Exchange Commission.

The original $5 million of notes priced Aug. 24. The total issue size is now $20 million.

The interest rate is 3.5% in years one through five, 4% in years six and seven, 4.5% in years eight through 10, 5% in year 11, 5.5% in year 12, 6% in year 13, 7% in year 14 and 10% in year 15. Interest is payable quarterly.

The payout at maturity will be par.

Beginning Sept. 19, 2017, the notes will be callable at par on any interest payment date.

Issuer:	Lloyds TSB Bank plc
Issue:	Callable step-up fixed-rate notes
Amount:	$20 million, increased from $5 million
Maturity:	Sept. 19, 2027
Coupon:	3.5% in years one through five, 4% in years six and seven, 4.5% in years eight through 10, 5% in year 11, 5.5% in year 12, 6% in year 13, 7% in year 14 and 10% in year 15; payable quarterly
Price:	Variable prices
Payout at maturity:	Par
Call option:	At par on any interest payment date from Sept. 19, 2017 onward
Pricing dates:	Aug. 24 for $5 million; Sept. 12 for $15 million
Settlement date:	Sept. 19
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	5394E8BF5

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