By Jennifer Chiou
New York, Sept. 14 - Lloyds TSB Bank plc priced another $15 million of callable six-month Libor and S&P 500 index range accrual notes due Sept. 19, 2032, bringing the total issue amount to $20 million, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC is the agent.
For each day that the index closes at or above 990 and six-month Libor is 6% or less, interest will accrue at 7% for the first 10 years, stepping up to 10% on Sept. 19, 2022 and to 12% on Sept. 19, 2027. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after five years.
| Issuer: | Lloyds TSB Bank plc
|
| Issue: | Range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $20 million (upsized from $5 million)
|
| Maturity: | Sept. 19, 2032
|
| Coupon: | For each day that index closes at or above 990 and six-month Libor is 6% or less, annualized rate of 7% until Sept. 19, 2022, 10% until Sept. 19, 2027 and 12% after that; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on Sept. 19, 2017
|
| Pricing date: | Aug. 24
|
| Upsize date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 5394E8BG3
|
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