Lloyds Banking Posts Results Of Tier 1 And 2 Note Exchange Offers

(Alliance News) - Lloyds Banking Group PLC on Wednesday announced results of its exchange offers ...

Alliance News 25 November, 2020 | 3:06PM
Email Form Facebook Twitter LinkedIn RSS

(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

Copyright 2020 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Lloyds Banking Group PLC 51.20 GBX -1.12

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures