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Lloyds announces preliminary results of tender for six series of notes
By Angela McDaniels
Tacoma, Wash., July 9 - Lloyds TSB Bank plc announced the clearing spreads and the indicative acceptance amounts for its tender offer for six series of euro- and pound-denominated notes.
The offer began June 28 and ended at 11 a.m. ET on July 6.
The maximum offer amount has been increased to £1,442,000,000 from £1.25 billion, according to a company filing with the London Stock Exchange.
The indicative series acceptance amount is
• €306,693,000 for the €982,549,000 of outstanding 6.25% notes due April 2014. The clearing spread is 90 basis points over the interpolated mid-swap rate;
• €503,203,000 for the €1.5 billion of outstanding 4.5% notes due September 2014. The clearing spread is 90 bps over the interpolated mid-swap rate;
• €232,435,000 for the €1.25 billion of outstanding 3.75% notes due September 2015. The clearing spread is 135 bps over the interpolated mid-swap rate;
• €295,929,000 for the €2 billion of outstanding 6.375% notes due June 2016. The clearing spread is 200 bps over the interpolated mid-swap rate;
• £174.15 million for the £400 million of outstanding 6.75% notes due October 2018. The clearing spread is 314 bps over the 5% U.K. Treasury Gilt due March 2018; and
• €259,259,000 for the €1.5 billion of outstanding 5.375% notes due September 2019. The clearing spread is 200 bps.
The maximum spread for the 6.75% notes was 315 bps. For each of the remaining series, the maximum spread is equal to the clearing spread.
The company expected to determine pricing on July 9 under a modified Dutch auction and then announce its final decision about how much of each series of notes to accept for purchase. The settlement date will be July 11.
Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.management@db.com) and Lloyds TSB Bank plc (44 20 7158 3981 or liability.management@lloydsbanking.com) are the dealer managers. Lucid Issuer Services Ltd. is the tender agent (44 20 7704 0880 or lbg@lucid-is.com).
The retail bank is based in London and Edinburgh.
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