TIDMLLOY

RNS Number : 4730C

Lloyds Banking Group PLC

11 October 2022

News Release

11 October 2022

Lloyds Banking Group plc ANNOUNCES RESULTS OF TENDER OFFER FOR ONE SERIES OF ITS STERLING DENOMINATED ADDITIONAL TIER 1 SECURITIES

Lloyds Banking Group plc ("LBG") today announced the final results of its previously announced cash tender offer (the "Offer") for any and all of one series of its outstanding Sterling denominated Additional Tier 1 Securities (the "Securities"). The Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated 12 September 2022 (the "Offer to Purchase"). Capitalized terms not otherwise defined in this announcement have the same meaning as in the Offer to Purchase.

Based on information provided by the Tender Agent, GBP924,331,000 aggregate principal amount of the Securities listed in the table below were validly tendered and not validly withdrawn by 11:59 p.m., New York City time, on 7 October 2022 (the "Expiration Deadline"), as more fully set forth below. LBG has accepted all Securities that were validly tendered and not validly withdrawn prior to the Expiration Deadline. The Settlement Date is expected to be 13 October 2022.

The table below sets forth, among other things, the principal amount of the Securities validly tendered and accepted pursuant to the Offer:

 
                                                                                           Aggregate Principal Amount 
                                                              Aggregate Principal Amount        Outstanding After 
        Securities              ISIN      Purchase Price (1)           Accepted              Completion of the Offer 
--------------------------  ------------  ------------------  ---------------------------  --------------------------- 
  LBG 7.625% Fixed Rate     XS1043552188     GBP1,020 .00           GBP924,331,000               GBP135,301,000 
 Reset Additional Tier 1 
  Perpetual Subordinated 
  Contingent Convertible 
 Securities Callable 2023 
 
   (2)    Per GBP1,000 in principal amount of Securities accepted for purchase.

Kroll Issuer Services Limited acted as tender agent for the Offer. Lloyds Securities Inc. and UBS AG London Branch acted as Dealer Managers for the Offer. Questions regarding the Offer should be directed to:

 
Tender Agent 
Kroll Issuer Services Limited      Email: lbg@is.kroll.com 
The Shard                          Telephone: +44 207 704 0880 
 32 London Bridge Street, SE1 9SG 
 London, United Kingdom 
Dealer Managers 
Lloyds Securities Inc.             Tel: +1 (212) 827-3145 
                                    Email: lbcmliabilitymanagement@lloydsbanking.com 
                                    Attn: Liability Management Group 
UBS AG London Branch               Tel: +1 888 719 4210 (U.S. Toll Free) 
                                    Tel: +1 203 719 4210 (U.S.) 
                                    Tel: +44 20 7568 1121 (Europe) 
                                    Email: ol-liabilitymanagement-eu@ubs.com 
                                    Attn: Liability Management Group

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

Non Bank Entities Treasurer & Head of Capital and Recovery 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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October 11, 2022 04:06 ET (08:06 GMT)

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