RNS Number : 2115H
Lloyds TSB Bank PLC
09 July 2012
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON.
9 July 2012, 10.50 a.m.
Lloyds TSB Bank plc cash tender offer on certain euro and pounds sterling securities: announcement of Clearing Spreads and indicative Series Acceptance Amounts
On 28 June 2012, Lloyds TSB Bank plc (the "Issuer") invited Holders of the securities listed below (the "Securities") to tender their Securities for cash purchase (the "Offers") on the terms of and subject to the Maximum Offer Amount and the other conditions contained in a tender offer memorandum dated 28 June 2012 (the "Tender Offer Memorandum").
Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Tender Offer Memorandum.
The Offers expired at 4.00 p.m. (London time) on 6 July 2012. The Issuer hereby informs Holders that the Clearing Spread and indicative Series Acceptance Amount in respect of each Series of Securities has been set as specified in the table below. The Issuer has elected to increase the Maximum Offer Amount in accordance with the conditions contained in the Tender Offer Memorandum to GBP1,442,000,000.
Principal Amount Reference Indicative Series
Title of Security ISIN Numbers Outstanding Benchmark Clearing Spread Acceptance Amount
------------------- -------------- ------------------- ------------------- ------------------ -------------------
6.25 per cent. Applicable
Notes due April Interpolated
2014 XS0422704238 EUR982,549,000 Mid-Swap Rate +90 basis points EUR306,693,000
4.50 per cent. Applicable
Notes due Interpolated
September 2014 XS0604400001 EUR1,500,000,000 Mid-Swap Rate +90 basis points EUR503,203,000
3.75 per cent. Applicable
Notes due Interpolated
September 2015 XS0539845171 EUR1,250,000,000 Mid-Swap Rate +135 basis points EUR232,435,000
6.375 per cent Applicable
Notes due June Interpolated
2016 XS0435070288 EUR2,000,000,000 Mid-Swap Rate +200 basis points EUR295,929,000
GBP400,000,000 XS0395139354 GBP400,000,000 5 per cent. UK +314 basis points GBP174,150,000
6.75 per cent. Treasury Gilt due
Notes due October March 2018
5.375 per cent. Applicable
Notes due Interpolated
September 2019 XS0449361350 EUR1,500,000,000 Mid-Swap Rate +200 basis points EUR259,259,000
Pricing and Results
Pricing will take place at or around 2.00 p.m. (London time) today, 9 July 2012 (the "Price Determination Time"). As soon as reasonably practicable after the Price Determination Time, the Issuer will announce its final decision as to whether it will accept any valid tenders in respect of each Series of Securities and, if so, the applicable Reference Yield; Repurchase Yield; Purchase Price; Accrued Interest; and final Series Acceptance Amount. Settlement of the relevant Purchase Price and Accrued Interest payment is expected to take place on 11 July 2012.
The following table sets out the expected dates and times of the key events relating to the Offers. This is an indicative timetable and is subject to change.
Date and Time Action
At or around 2.00 Price Determination Time
p.m. (London time) The Issuer will determine the relevant
today, 9 July 2012 Reference Yields, Repurchase Yields, Purchase
Prices and final Series Acceptance Amounts.
As soon as practicable Announcement by the Issuer of whether
after the Price Determination it will accept Offers in respect of a
Time particular Series of Securities, and,
if so: the Reference Yield; the Repurchase
Yield; the Purchase Price; Accrued Interest;
the final Series Acceptance Amount (which
may be zero in respect of any Series);
and confirming the relevant Clearing Spreads.
11 July 2012 Settlement Date
Expected Settlement Date for Securities
validly tendered and accepted by the Issuer.
Payment of the relevant Purchase Price
and Accrued Interest Payment in respect
of any such Securities.
Lucid Issuer Services Limited has been appointed by the Issuer as Tender Agent (the "Tender Agent") for the purposes of the Offers.
Deutsche Bank AG, London Branch and Lloyds TSB Bank plc (acting through Lloyds Bank) have been appointed by the Issuer as Dealer Managers (the "Dealer Managers") for the purposes of the Offers.
For further information please contact:
+44 207 356 2120
Frederik Verpoest Director of Investor Relations Lloyds Banking Group +44 207 356 2385 +44 750 948 4949
Requests for information in relation to the Offers should be directed to:
Deutsche Bank AG, London Branch Lloyds TSB Bank plc
Winchester House Lloyds Bank
1 Great Winchester Street 10 Gresham Street
London EC2N 2DB London EC2V 7AE
United Kingdom United Kingdom
Tel: +44 20 7545 8011 Tel: +44 20 7158 3981
Attention: Liability Management Attention: Liability Management
email: email@example.com email: firstname.lastname@example.org
Lucid Issuer Services Limited
436 Essex Road
London N1 3QP
Tel: +44 (0) 20 7704 0880
Attention: Sunjeeve Patel / David Shilson / Thomas Choquet
/ Paul Kamminga
This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which must be read carefully before any decision is made with respect to the Offers. If any Holder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser. Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the Offers. None of the Issuer, the Dealer Managers, the Tender Agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether Holders should participate in the Offers.
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