TIDM94WP
RNS Number : 4199O
Lloyds Bank PLC
29 May 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO
ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF
AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR INTO
ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT
IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.
LLOYDS BANK PLC ANNOUNCES PRICING, ACCEPTANCE AND FINAL RESULTS
OF ITS CASH TER OFFERS FOR CERTAIN OF ITS OUTSTANDING COVERED
BONDS
29 May 2020 . Further to the indicative results announcement
made earlier today, Lloyds Bank plc(1) (the "Offeror") now
announces the final pricing, acceptance and results of its
invitations announced on 19 May 2020 to holders of the following
bonds issued by it under its Global Covered Bond Programme and
irrevocably and unconditionally guaranteed as to payment of
principal and interest by Lloyds Bank Covered Bonds LLP (together,
the "Covered Bonds" or the "Bonds") to tender such outstanding
Bonds for purchase by the Offeror for cash up to a maximum
aggregate nominal amount to be determined by the Offeror in its
sole and absolute discretion (the "Maximum Acceptance Amount") at
the applicable Purchase Price and an Accrued Interest Payment (each
such invitation an "Offer" and, together, the "Offers"):
EUR1,500,000,000 Series 2016-2 0.375 per cent. Fixed Rate
Covered Bonds due January 2021 (ISIN: XS1346089359) (" EUR January
2021 Bonds ")
EUR1,000,000,000 Series 2014-2 1.375 per cent. Fixed Rate
Covered Bonds due April 2021 (ISIN: XS1057478023) (" EUR April 2021
Bonds ")
EUR1,250,000,000 Series 2015-5 0.625 per cent. Fixed Rate
Covered Bonds due September 2022 (ISIN: XS1290654513) (" EUR 2022
Bonds ")
EUR1,250,000,000 Series 2016-7 0.500 per cent. Fixed Rate
Covered Bonds due April 2023 (ISIN: XS1391589626) (" EUR 2023 Bonds
")
EUR1,500,000,000 Series 2019-2 0.25 per cent. Fixed Rate Covered
Bonds due March 2024 (ISIN: XS1967590180) (" EUR 2024 Bonds ")
EUR1,000,000,000 Series 2018-2 0.625 per cent. Fixed Rate
Covered Bonds due March 2025 (ISIN: XS1795392502) (" EUR 2025 Bonds
")
EUR1,000,000,000 Series 2019-4 0.125 per cent. Fixed Rate
Covered Bonds due June 2026 (ISIN: XS2013525501) (" EUR 2026 Bonds
")
EUR750,000,000 Series 2019-6 0.125 per cent. Fixed Rate Covered
Bonds due September 2029 (ISIN: XS2054600718) (" EUR 2029 Bonds
")
(together, the " Euro Bonds ")
and
U.S.$750,000,000 Series 2018-5 3.375 per cent. Covered Bonds due
November 2021 (ISIN: XS1907146671) (" USD 2021 Bonds ")
U.S.$1,000,000,000 Series 2019-5 2.125 per cent. Fixed Rate
Covered Bonds due July 2022 (ISIN: XS2031976082) (" USD 2022 Bonds
")
(together, the " U.S. dollar Bonds ")
and
GBP1,250,000,000 Series 2018-1 Floating Rate Covered Bonds due
January 2021 (ISIN: XS1746882734) (" GBP January 2021 Bonds ")
GBP750,000,000 Series 2018-4 Floating Rate Covered Bonds due
September 2021 (ISIN: XS1878123303) (" GBP September 2021 Bonds
")
GBP750,000,000 Series 2019-1 Floating Rate Covered Bonds due
January 2022 (ISIN: XS1934739209) (" GBP January 2022 Bonds ")
GBP500,000,000 Series 2015-2 1.750 per cent Fixed Rate Covered
Bonds due March 2022 (ISIN: XS1212747361) (" GBP March 2022 Bonds
")
GBP1,000,000,000 Series 2020-1 Floating Rate Covered Bonds due
February 2023 (ISIN: XS2112332494) (" GBP February 2023 Bonds
")
GBP1,000,000,000 Series 2018-3 Floating Rate Covered Bonds due
March 2023 (ISIN: XS1797949937) (" GBP March 2023 Bonds ")
GBP1,250,000,000 Series 2019-3 Floating Rate Covered Bonds due
May 2024 (ISIN: XS1996336357) (" GBP 2024 Bonds ")
(together, the " Sterling Bonds " and, together with the Euro
Bonds and the U.S. dollar Bonds, the " Bonds " and each a " Series
")
The Offers were made on the terms and subject to the conditions
contained in a tender offer memorandum dated 19 May 2020 (the
"Tender Offer Memorandum") prepared by the Offeror, subject to the
offer and distribution restrictions set out therein.
The Expiration Deadline for the Offers was 4.00 p.m. (London
time) on 28 May 2020 and the Price Determination Time for the
Offers was at or around 2.00 p.m. (London time) today. This is the
Announcement of Pricing, Acceptance and Results of Offers referred
to in the Tender Offer Memorandum.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
Pricing, Acceptance and Results of Offers
The Offeror announces that it will accept in full (without
application of any Pro-ration Factor in relation to any Series) all
valid tenders of Bonds pursuant to the Offers on the basis set out
in the table below:
Series Acceptance Amount
------------- -------------- ------------ --------------- ------------------------------------- ---------- ------- --------- --------- -----------------
Nominal Nominal Amount Sterling-equivalent Maximum
Description Amount Validly Denomination (1) Reference Fixed Purchase Purchase Acceptance
of the Bonds ISIN Outstanding Tendered currency Yield Spread Yield Price Amount
------------- -------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- --------- -----------------
Euro Bonds GBP1,816,139,281
in aggregate
nominal amount
-----------------
EUR January
2021 Bonds XS1346089359 EUR1,500m EUR78,400,000 EUR78,400,000 GBP70,336,560 - - -0.200% 100.362%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- --------- -----------------
EUR April
2021 Bonds XS1057478023 EUR1,000m EUR162,532,000 EUR162,532,000 GBP145,815,584 - - -0.200% 101.375%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2022
Bonds XS1290654513 EUR1,250m EUR178,252,000 EUR178,252,000 GBP159,918,782 -0.298% +7 bps -0.228% 101.956%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2023 +11
Bonds XS1391589626 EUR1,250m EUR200,321,000 EUR200,321,000 GBP179,717,985 -0.306% bps -0.196% 101.996%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2024 +15
Bonds XS1967590180 EUR1,500m EUR253,000,000 EUR253,000,000 GBP226,978,950 -0.302% bps -0.152% 101.538%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2025 +20
Bonds XS1795392502 EUR1,000m EUR110,390,000 EUR110,390,000 GBP99,036,389 -0.285% bps -0.085% 103.426%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2026 +23
Bonds XS2013525501 EUR1,000m EUR83,040,000 EUR83,040,000 GBP74,499,336 -0.257% bps -0.027% 100.920%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
EUR 2029 +32
Bonds XS2054600718 EUR750m EUR22,763,000 EUR22,763,000 GBP20,421,825 -0.152% bps 0.168% 99.603%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
U.S. dollar Bonds
USD 2021 +38
Bonds XS1907146671 U.S.$750m $130,580,000 $130,580,000 GBP105,952,612 0.170% bps 0.550% 104.082%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
USD 2022 +42
Bonds XS2031976082 U.S.$1,000m $8,970,000 $8,970,000 GBP7,278,258 0.170% bps 0.590% 103.266%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
Sterling Bonds
GBP January
2021 Bonds XS1746882734 GBP1,250m GBP234,128,000 GBP234,128,000 - - - - 100.04%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP
September
2021 Bonds XS1878123303 GBP750m GBP64,754,000 GBP64,754,000 - - - - 100.10%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP January
2022 Bonds XS1934739209 GBP750m GBP130,600,000 GBP130,600,000 - - - - 100.38%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP March +50
2022 Bonds XS1212747361 GBP500m GBP73,694,000 GBP73,694,000 - -0.046% bps 0.455% 102.352%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP February
2023 Bonds XS2112332494 GBP1,000m GBP44,082,000 GBP44,082,000 - - - - 99.65%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP March
2023 Bonds XS1797949937 GBP1,000m GBP22,460,000 GBP22,460,000 - - - - 99.67%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- ---------
GBP 2024
Bonds XS1996336357 GBP1,250m GBP156,465,000 GBP156,465,000 - - - - 99.99%
-------------- ------------ --------------- --------------- -------------------- ---------- ------- --------- --------- -----------------
Notes
(1 ) Calculated (i) in the case of the Euro Bonds, at the Euro
FX Rate and (ii) in the case of the U.S. dollar Bonds, at the U.S.
dollar FX Rate.
----
Total Consideration
The total consideration payable to each Holder in respect of
Bonds validly submitted for tender and accepted for purchase by the
Offeror will be an amount in cash equal to (i) the relevant
Purchase Price for the Bonds, multiplied by each Authorised
Denomination in aggregate nominal amount of Bonds validly tendered
and delivered by such Holder and accepted by the Offeror for
purchase (rounded to the nearest EUR0.01, U.S.$0.01 or GBP0.01, as
applicable, with EUR0.005, U.S.$0.005 or GBP0.005 being rounded
upwards) plus (ii) any Accrued Interest Payment payable in respect
of the relevant Bonds.
Settlement of the Offers
The Settlement Date for the Offers is scheduled for 2 June
2020.
Lloyds Bank Corporate Markets plc and UBS AG London Branch are
acting as Joint Dealer Managers for the Offers and Lucid Issuer
Services Limited is acting as Tender Agent.
JOINT DEALER MANAGERS
Lloyds Bank Corporate Markets UBS AG London Branch
plc 5 Broadgate
10 Gresham Street London EC2M 2QS
London EC2V 7AE United Kingdom
United Kingdom Telephone: +44 20 7568 1121
Attention: Liability Management
Tel: +44 20 7158 1726 / 1719 Group
Attention: Liability Management Email: ol-liabilitymanagement-eu@ubs.com
Group
Email: liability.management@lloydsbanking.com
TENDER AGENT
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Tel: +44 20 7704 0880
Attention: Arlind Bytyqi
Email: lloydsbank@lucid-is.com
___
(1) LEI: H7FNTJ4851HG0EXQ1Z70
This announcement contains inside information in relation to the
Covered Bonds and is disclosed in accordance with the Market Abuse
Regulation (EU) 596/2014 ("MAR"). For the purposes of MAR, this
announcement is made by Douglas Radcliffe, Group Investor Relations
Director.
DISCLAIMER: Neither this announcement nor the Tender Offer
Memorandum constitutes an offer or an invitation to participate in
the Offers in the United States or in any other jurisdiction in
which, or to any person to or from whom, it is unlawful to make
such offer or invitation or for there to be such participation
under applicable laws. The distribution of this announcement and
the Tender Offer Memorandum in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement
or the Tender Offer Memorandum comes are required by each of the
Offeror, the Joint Dealer Managers and the Tender Agent to inform
themselves about and to observe any such restrictions.
The Expiration Deadline for the Offers has now passed and,
accordingly, it is no longer possible to tender Bonds pursuant to
the Offers. The Offers were not made directly or indirectly in or
into, or by use of the mail of, or by any means or instrumentality
of interstate or foreign commerce of or of any facilities of a
national securities exchange of, the United States.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
RTEZZGZKDLZGGZM
(END) Dow Jones Newswires
May 29, 2020 10:25 ET (14:25 GMT)
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