Lloyds Bank PLC Notice of Adjusted Margin (2219J)
18 Dicembre 2020 - 4:23PM
UK Regulatory
TIDM94WP
RNS Number : 2219J
Lloyds Bank PLC
18 December 2020
LLOYDS BANK PLC
(incorporated with limited liability in England and Wales
registered number 2065)
(the Issuer)
NOTICE IN RESPECT OF BASE RATE MODIFICATION - NOTICE OF ADJUSTED
MARGIN
to the holders of those of the:
U.S.$750,000,000 Series 2018-5 3.375 per cent. Fixed Rate
Covered Bonds due November 2021
(ISIN: XS1907146671) (the Series 2018-5 Covered Bonds)
U.S.$1,000,000,000 Series 2019-5 2.125 per cent. Fixed Rate
Covered Bonds due July 2022
(ISIN: XS2031976082) (the Series 2019-5 Covered Bonds)
(each a Series and together the Covered Bonds, and the holders
thereof, the Covered Bondholders) of the Issuer presently
outstanding.
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
COVERED BONDHOLDERS
NOTICE IS HEREBY GIVEN by the Issuer to the Covered Bondholders
(in accordance with Condition 13 (Notices)) of the Issuer's
intention to effect the Proposed Amendments (as defined in the
Consent Solicitation Memorandum dated 9 November 2020 (the Consent
Solicitation Memorandum)) and as approved by the Covered
Bondholders of each Series of Covered Bonds on 18 December 2020 to
each Series of Covered Bonds on or about the date hereof.
We refer to the Notice of Adjourned Covered Bondholder Meetings
(RNS Number: 6217H) dated 4 December 2020 (the Notice of Adjourned
Covered Bondholder Meetings), which set forth the Issuer's
intention to amend each Series of Covered Bonds and the Notice of
Results of each Series of Covered Bonds (RNS Number: 1676J) dated
18 December 2020 (the Notice of Results) notifying the Covered
Bondholders of each Series that the relevant Proposed Amendments
were passed accordingly.
In accordance with Annex B of the Notice of Adjourned Covered
Bondholder Meetings (Margin Adjustment), the determination of the
USD LIBOR vs SOFR Interpolated Basis (Annex B of the Notice of
Adjourned Covered Bondholder Meetings (Margin Adjustment)) took
place at or around 2 p.m. London time today (the Pricing Time).
Accordingly, the Adjusted Margin has been determined, in respect
of the:
(i) Series 2018-5 Covered Bonds, as 0.454 per cent. per annum; and
(ii) Series 2019-5 Covered Bonds, as 0.496 per cent. per annum.
The Adjusted Margin was calculated in respect of the:
(i) Series 2018-5 Covered Bonds, as
(A) 0.320 per cent.; plus
(B) the USD LIBOR vs SOFR Interpolated Basis being 0.134 per cent;
(ii) Series 2019-5 Covered Bonds, as
(A) 0.360 per cent.; plus
(B) the USD LIBOR vs SOFR Interpolated Basis being 0.136 per cent.
Notices will be published in respect of each Series through the
regulatory news service of the London Stock Exchange and to the
Covered Bondholders in accordance with Condition 13 (Notices),
following, in respect of each Series of Covered Bonds, the
execution of the relevant Amended and Restated Final Terms, the
relevant Supplemental Trust Deed, the relevant Supplemental Agency
Agreement and the relevant Covered Bond Swap Agreement (the
Amendment Documents). The Amendment Documents will be effective
from the date of this announcement.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Consent Solicitation
Memorandum.
DISCLAIMER This announcement must be read in conjunction with
the Consent Solicitation Memorandum. The Consent Solicitation
Memorandum contains important information which should be read
carefully before any decision is made with respect to the Consent
Solicitation. If any Covered Bondholder is in any doubt as to the
action it should take, it is recommended to seek its own financial
advice, including in respect of any tax consequences, from its
broker, bank manager, solicitor, accountant or other independent
financial, tax or legal adviser.
This Notice is given by
LLOYDS BANK PLC
Dated 18 December 2020
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END
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