(Alliance News) - Lloyds Banking Group PLC on Wednesday announced results of its exchange offers for existing tier 1 and tier 2 notes for new tier 2 notes.
The FTSE 100-listed bank said the minimum new size condition for the exchange offer was satisfied. For the existing tier 1 noted the aggregate principal amount accepted for exchange was GBP825.7 million and for the existing tier 2 notes the amount was GBP207.5 million.
All valid offers to exchange existing tier 1 notes have been accepted in full without pro ration, while the tier 2 notes acceptance amount is GBP207.5 million.
For its existing tier 2 notes, valid offers to exchange its 2023 notes were accepted in full without pro ration, while Lloyds has not accepted any offers to exchange in respect of its GBP750.0 million 7.625% subordinated notes due April 2025.
For the new tier 2 notes, which have a 2035 maturity date, the new issue amount is GBP1.31 billion. The new tier 2 notes yield is 2.707% and the initial coupon is 2.707%.
Lloyds shares were 4.6% lower at 37.69 pence each in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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