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Bank of Scotland, Lloyds wrap tender for three covered bond series
By Jennifer Chiou
New York, June 4 - Bank of Scotland plc and Lloyds Banking Group plc announced the following results in their any-and-all cash tender offers for three series of euro or sterling covered bonds:
• No tenders were accepted for the £110.35 million of outstanding fixed-to-floating-rate covered bonds due December 2014 issued by Bank of Scotland with a purchase price of £1,000.39 per £1,000 aggregate principal amount;
• €448,463,000 of tenders were accepted for the €854,323,000 of outstanding 4.75% covered bonds due January 2015 issued by Bank of Scotland with a purchase price of 102.979; and
• €623.87 million of tenders were accepted for the €1.5 billion of outstanding series 2010-1 fixed-rate covered bonds due March 2015 issued by Lloyds Bank plc with a purchase price of 102.55.
Holders will receive accrued interest of €17.57 and €7.86 per €1,000 principal amount of respective 4.75% bonds and series 2010-1 bonds tendered.
According to prior a filing with the London Stock Exchange, the bank said that the tender offers will help Lloyds Banking Group manage its overall wholesale funding position and better optimize its stock of outstanding debt securities while maintaining a prudent approach to liquidity.
The offers ended at 11 a.m. ET on June 3, and pricing was determined on June 4.
Settlement is anticipated on June 10.
Participating holders had to submit tenders for no less than €50,000 or £50,000 of notes.
Citigroup Global Markets Ltd. (attn: liability management group; 44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Lloyds Bank plc (attn: liability management group; 44 20 7158 2720 or liability.management@lloydsbanking.com) were the dealer managers. Lucid Issuer Services Ltd. (attn: Sunjeeve Patel/Paul Kamminga; 44 20 7704 0880 or bos@lucid-is.com) was the tender agent.
Bank of Scotland is based in Edinburgh. It launched the offers on May 27.
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