Lloyds Bank PLC Notice of Make Whole Redemption Price (1655A)
January 31 2022 - 6:36AM
UK Regulatory
TIDM94WP
RNS Number : 1655A
Lloyds Bank PLC
31 January 2022
Lloyds Bank PLC
Notice of Make Whole Redemption Price
31 January 2022
LLOYDS BANK PLC
(formerly Lloyds TSB Bank PLC)
(the "Issuer")
(LEI: H7FNTJ4851HG0EXQ1Z70)
NOTICE OF MAKE WHOLE REDEMPTION PRICE
to the holders of its
GBP700,022,000 13.00 per cent. Step-Up Perpetual Capital
Securities
(ISIN: XS0408620721), of which GBP134,417,000 in principal
amount is outstanding (the "Securities")
Following the publication by the Issuer on 4 January 2022 of a
notice announcing that it has elected to redeem all of the
outstanding Securities on 3 February 2022 (the "Redemption Date")
in accordance with Condition 7(d) (Substitution, Variation or
Redemption for Regulatory Purposes) of the Securities and the trust
deed dated 21 January 2009 between the Issuer, Lloyds Banking Group
plc and The Law Debenture Trust Corporation p.l.c. as trustee
constituting the Securities (the "Trust Deed"), NOTICE IS HEREBY
GIVEN by the Issuer to the holders of the Securities of the Make
Whole Redemption Price.
In accordance with the terms of the Securities, UBS AG London
Branch in its capacity as Agent Bank has today determined that the
Make Whole Redemption Price in respect of each Security is
138.5528%.(1)
Each Security will be redeemed on the Redemption Date at the
Make Whole Redemption Price together with any Payments which are
Outstanding thereon (which, for the avoidance of doubt, consists of
an Accrued Coupon Payment of 0.4630% in respect of each Security
and a Deferred Coupon Payment of 26% in respect of each Security,
which will be satisfied in cash).
Unless otherwise defined herein, defined terms used herein have
the meaning given to them in the Trust Deed.
(1) The Make Whole Redemption Price excludes Deferred Coupons and any other Payments Outstanding
FURTHER INFORMATION
This announcement contains inside information in relation to the
Securities and is disclosed in accordance with the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). For
the purposes of UK MAR and Article 2 of the binding technical
standards published by the Financial Conduct Authority in relation
to UK MAR as regards Commission Implementing Regulation (EU)
2016/1055, this announcement is made by Douglas Radcliffe, Group
Investor Relations Director.
For further information, please contact:
Group Corporate Treasury :
Liz Padley
Head of Capital Structuring, Holding Company and Resolution
Telephone: +44 (0)20 7158 1737
Email: Claire-Elizabeth.Padley@LloydsBanking.com
Investor Relations :
Douglas Radcliffe
Group Investor Relations Director
Telephone: +44 (0)20 7356 1571
Email: Douglas.Radcliffe@LloydsBanking.com
Corporate Affairs:
Matthew Smith
Head of Media Relations
Tel: +44 (0)20 7356 3522
Email: matt.smith@lloydsbanking.com
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END
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