Business
LBG COMMENCES TENDER OFFER FOR ONE SERIES OF AT1
LBG COMMENCES TENDER OFFER FOR ONE SERIES OF AT1.
About this update from Lloyds Banking Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n News Release\n \n \n 12 September 2022\n \n \n \n \n \n \n LLOYDS BANKING GROUP PLC ANNOUNCES A TENDER OFFER FOR ONE SERIES OF ITS STERLING DENOMINATED ADDITIONAL TIER 1 SECURITIES\n \n \n \n \n \n \n \n \n Lloyds Banking Group plc (the \"Offeror\" or \"LBG\"), is today announcing that it is commencing a tender offer (the \"Offer\") to purchase for cash any and all of one series of its outstanding Sterling denominated Additional Tier 1 Securities.\n \n \n \n \n \n \n The Offer\n \n \n \n \n \n \n The Offer is being made on the terms and subject to the conditions set out in the Offer to Purchase dated\n 12 September 2022 (the \"Offer to Purchase\"). Capitalized terms not otherwise defined in this announcement have the same meaning as in the Offer to Purchase.\n \n \n \n \n \n The Offer consists of offers to purchase for cash any and all of the outstanding 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities Callable 2023 of LBG (the \"Securities\").\n \n \n \n \n \n \n Rationale of the Offer\n \n \n \n \n \n \n The Offer is part of LBG's continuous review and management of its outstanding capital base, maintaining a prudent approach to the management of LBG's capital position.\n \n \n \n \n \n The table below sets forth certain information relating to the Offer:\n \n \n \n \n \n \n \n \n Securities\n \n \n \n \n \n \n \n \n ISIN\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest Rate(1)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nFirst Call Date\n \n \n \n \n \n \n \n \n Principal Amount Outstanding\n \n \n \n \n \n \n \n \n Purchase Price\n \n \n \n (2)\n \n \n \n \n \n \n \n \n \n \n \n LBG 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities Callable 2023\n \n \n \n \n XS1043552188\n \n \n \n \n 7.625%\n to (but excluding) June 27, 2023. From (and including) June 27, 2023, the Reset Reference Rate plus 5.287% per annum.\n \n \n \n \n June 27, 2023\n \n \n \n \n £1,059,632,000\n \n \n \n \n £1,020\n .00\n \n \n \n \n \n \n \n \n \n (1) \"Reset Reference Rate\" means in respect of the relevant Reset Period, (i) the applicable annual mid-swap rate for swap transactions in pounds sterling (with a maturity equal to 5 years) where the flo...