Lloyds TSB Bank PLC Tender Offer - EUR and GBP securities - Pricing

Date : 07/09/2012 @ 6:31AM
Source : Dow Jones News
Stock : Lloyds Banking Grp. Plc American Depositary Shares (LYG)
Quote : 3.58  -0.07 (-1.92%) @ 3:59PM

Lloyds TSB Bank PLC Tender Offer - EUR and GBP securities - Pricing

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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 
-------------------  --------------  -------------------  -------------------  ------------------  ------------------- 
 EUR982,549,000 
  6.25 per cent.                                           Applicable 
  Notes due April                                          Interpolated 
  2014                XS0422704238    EUR982,549,000       Mid-Swap Rate        +90 basis points    EUR306,693,000 
 EUR1,500,000,000 
  4.50 per cent.                                           Applicable 
  Notes due                                                Interpolated 
  September 2014      XS0604400001    EUR1,500,000,000     Mid-Swap Rate        +90 basis points    EUR503,203,000 
 EUR1,250,000,000 
  3.75 per cent.                                           Applicable 
  Notes due                                                Interpolated 
  September 2015      XS0539845171    EUR1,250,000,000     Mid-Swap Rate        +135 basis points   EUR232,435,000 
 EUR2,000,000,000 
  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 
 2018 
 EUR1,500,000,000 
  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.

INDICATIVE TIMETABLE

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. 
 

FURTHER INFORMATION

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:

For press:

Nicole Sharp

Media Relations

Nicole.sharp@lloydsbanking.com

+44 207 356 2120

For analysts:

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:

DEALER MANAGERS

 
   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 
                Group                                       Group 
  email: liability.management@db.com    email: liability.management@lloydsbanking.com 
 
 
 
                         TENDER AGENT 
                Lucid Issuer Services Limited 
                         Leroy House 
                        436 Essex Road 
                        London N1 3QP 
                        United Kingdom 
                  Tel: +44 (0) 20 7704 0880 
  Attention: Sunjeeve Patel / David Shilson / Thomas Choquet 
                       / Paul Kamminga 
                   Email: lbg@lucid-is.com 
 

DISCLAIMER

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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