TIDMLLOY

RNS Number : 4474A

Lloyds Banking Group PLC

29 September 2020

FOR DISTRIBUTION ONLY OUTSIDE THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS TO PERSONS OTHER THAN "U.S. PERSONS" (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMED (THE "SECURITIES ACT")). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

29 September 2020

LLOYDS BANKING GROUP PLC

(incorporated in Scotland with limited liability under registered number 95000)

Legal Entity Identifier (LEI: H7FNTJ4851HG0EXQ1Z70)

(the "Issuer")

NOTICE

to the holders of the

GBP1,494,392,000 7.625 per cent. Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities Callable 2023 (ISIN: XS1043552188) (the "PNC9 Securities")

GBP750,009,000 7.875 per cent. Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities Callable 2029 (ISIN: XS1043552261) (the "PNC15 Securities") (each a "Series" and together the "Securities", and the holders thereof, the "Securityholders") of the Issuer presently outstanding.

The Issuer has today given a Notice of Meetings in respect of the Securities for the purpose of soliciting consent from the Securityholders to the modification of the terms and conditions (the "Conditions") of the relevant Series and consequential or related amendments to the transaction documents for the relevant Series of Securities such that (i) the Reset Reference Rate (as defined in the relevant Conditions) ceases to be a London Inter Bank Offered Rate ("LIBOR") linked mid-swap rate and becomes a Sterling Overnight Index Average ("SONIA") linked mid-swap rate; (ii) an adjustment (the "Reset Reference Rate Adjustment") is made to reflect the economic difference between the LIBOR and SONIA rates; and (iii) the Margin (as defined in the relevant Conditions) applicable to each Series of Securities remains unaltered; (iv) the fallbacks relating to the Reset Reference Rate are amended; and (v) new fallbacks are included in case a Benchmark Event (as defined in the Consent Solicitation Memorandum) occurs with respect to the Reset Rate of Interest, as proposed by the Issuer for approval by a separate extraordinary resolution of the holders of each such Series (each an "Extraordinary Resolution"), all as further described in the consent solicitation memorandum dated 29 September 2020 (the "Consent Solicitation Memorandum") (each such invitation a "Consent Solicitation").

In light of the ongoing developments in relation to coronavirus (COVID-19), and current guidance issued by the UK government, it may become impossible or inadvisable to hold each relevant Meeting at a physical location. Accordingly, in accordance with the provisions of the relevant Trust Deed the Issuer has requested that the Trustee prescribe appropriate regulations regarding the holding of the relevant Meeting via teleconference.

   1.         Notice of meetingS in respect of the SECURITIES 

The Notice of Meeting will be available for viewing at the Issuer's website:

https://www.lloydsbankinggroup.com/investors/fixed-income-investors/consent-solicitation

   2.         Indicative timetable for the consent solicitation 

Set out below is an indicative timetable showing one possible outcome for the timing of the Consent Solicitations, which will depend, among other things, on timely receipt (and non revocation) of instructions, the rights of the Issuer (where applicable) to extend, waive any condition of, amend and/or terminate either Consent Solicitation (other than the terms of the relevant Extraordinary Resolution) as described in the Consent Solicitation Memorandum and the passing of each Extraordinary Resolution at the initial Meeting for the relevant Series. Accordingly, the actual timetable may differ significantly from the timetable below.

 
 Date/Time                          Action 
 29 September 2020         1.       Notice of the Meetings to be delivered to the Clearing Systems. 
 (At least 21 clear days             Release of Notice through the regulatory news service of the London Stock Exchange. 
 before the Meeting) 
                                    Copies of the Consent Solicitation Memorandum to be available from the Tabulation Agent and 
                                    the Securityholder Information (as defined in the Notice) to be available for inspection, 
                                    as indicated, at the specified office of the Principal Paying and Conversion Agent and on 
                                    the website of the Issuer 
                                    (https://www.lloydsbankinggroup.com/investors/fixed-income-investors/consent-solicitation 
                                    ) (the "Issuer's Website"). From this date, Securityholders may arrange for Securities held 
                                    by Clearstream, Luxembourg and/or Euroclear in their accounts to be blocked in such accounts 
                                    and held to the order and under the control of the Principal Paying and Conversion Agent in 
                                    order to obtain a form of proxy or give valid Consent Instructions or Ineligible Holder 
                                    Instructions, 
                                    to the Tabulation Agent. 
 By 10 a.m.(London time)   2.       Expiration Deadline. 
 (11 a.m. CET)                      Final time by which Securityholders have arranged for: 
 on 19 October 2020                 (i) obtaining a form of proxy from the Principal Paying and Conversion Agent in order to attend 
 (At least 48 hours                 (via teleconference) and vote at the relevant Meeting; or 
 before the Meeting)                (ii) receipt by the Tabulation Agent of valid Consent Instructions or Ineligible Holder 
                                    Instructions 
                                    in accordance with the procedures of Clearstream, Luxembourg and/or Euroclear. 
                           3.       Final time by which Securityholders have given notice to the Tabulation Agent (via the relevant 
                                     Clearing Systems) of any intended revocation of, or amendment to, Consent Instructions or 
                                     Ineligible Holder Instructions previously given by them. 
 10 a.m. (London time)     4.                  SECURITYHOLDERS' MEETING HELD 
 (11 a.m. CET)                                 The initial Meeting in respect of: 
 on 21 October 2020                            (i) the PNC9 Securities will commence at 10.00 a.m. (London time) (11.00 a.m. CET); 
                                               and 
                                               (ii) the PNC15 Securities will commence at 10.15 a.m. (London time) (11.15 a.m. CET) 
                                               or after 
                                               the completion of the PNC9 Securities Meeting (whichever is later). 
 If the relevant Extraordinary Resolutions are passed at the relevant Meeting: 
 As soon as reasonably       5.     Announcement of the results of the Meetings and, if the relevant Extraordinary Resolution 
 practicable after the               is passed, satisfaction (or not) of the Eligibility Condition. 
 Meetings                            Delivery of notice of such results to Euroclear and Clearstream, Luxembourg for communication 
                                     to their account holders and an announcement released on the regulatory news service of the 
                                     London Stock Exchange. 
 At or around 2 p.m.         6.     Pricing Time and Pricing Date 
 (London time) (3 p.m.               Solicitation Agent to calculate the relevant Reset Reference Rate Adjustment in respect of 
 CET)                                each Series. 
 on 21 October 2020                  A pricing announcement will be delivered through the Clearing Systems and released through 
 (the "Pricing Date")                the regulatory news service of the London Stock Exchange as soon as practicable following 
                                     the Pricing Time on the Pricing Date. 
 21 October 2020             7.     If the relevant Extraordinary Resolution is passed at the relevant initial Meeting (or at 
                                    a subsequent adjourned Meeting) and the Eligibility Condition is satisfied, the relevant Suppleme 
                                    ntal 
                                    Trust Deed will be executed by the Issuer and the Trustee and the modifications to the Conditions 
                                    of the relevant Series described in the Consent Solicitation Memorandum will be implemented 
                                    with effect on and from 21 October 2020 (the "Effective Date") 
  (the "Effective Date") 
 If a quorum is not achieved at a Meeting or the quorum is achieved and the relevant Extraordinary 
  Resolution is passed but the Eligibility Condition is not satisfied, such Meeting shall be 
  adjourned and the adjourned Meeting of Securityholders for that Series will be held at a date 
  as will be notified to the Securityholders in the notice of the adjourned Meeting. 
  The unaudited interim condensed consolidated financial statements of the Issuer for the nine 
  months ended 30 September 2020 (the "Interim Results") are expected to be published on 29 
  October 2020. In case an adjourned Meeting is to be held, investors will be entitled to revoke 
  their instructions with 
  effect from the date on which a notice of adjournment is issued and such adjourned Meeting 
  will be 
  held on a date following publication of the Interim Results which will allow for sufficient 
  time for 
  investors to provide voting instructions post publication of the Interim Results. 
  The adjourned Meeting will be held in accordance with the terms of the relevant Trust Deed. 
  If the relevant Extraordinary Resolution is passed at the adjourned Meeting and the Eligibility 
  Condition is satisfied in respect of the relevant Series, the relevant Supplemental Trust 
  Deed will be executed by the Issuer and the Trustee and the modifications with respect to 
  such Series described in the Consent Solicitation Memorandum will be implemented on the Effective 
  Date. 
 
 

Securityholders are advised to check with any bank, securities broker or other intermediary through which they hold Securities when such intermediary would need to receive instructions from a Securityholder in order for that Securityholder to be able to participate in, or revoke their instruction to participate in, the relevant Consent Solicitation before the deadlines specified above. The deadlines set by any such intermediary and each Clearing System for the submission and revocation of Consent Instructions may be earlier than the relevant deadlines specified above.

No consent fee will be payable in connection with the Consent Solicitations.

Capitalised terms used but not defined herein shall have the meanings set out in the Consent Solicitation Memorandum.

Further information relating to the Consent Solicitation can be obtained directly from the Solicitation Agent and the Tabulation Agent:

 
  Lloyds Bank Corporate Markets plc                 Lucid Issuer Services Limited 
   10 Gresham Street                                 Tankerton Works 
   London EC2V 7AE                                   12 Argyle Walk 
   United Kingdom                                    London WC1H 8HA 
   Telephone: +44 20 7158 1719/1726                  United Kingdom 
   Attention: Liability Management Team              Telephone: +44 20 7704 0880 
   Email: liability.management@lloydsbanking.com     Attention: Arlind Bytyqi 
                                                     Email:lloydsbank@lucid-is.com 
 

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 Securityholder is in any doubt as to the action it should take or is unsure of the impact of the implementation of the relevant Extraordinary Resolution, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its broker, bank manager, solicitor, accountant, independent financial, tax or legal adviser. Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the consent solicitation or otherwise participate in the relevant Meeting.

The distribution of the Consent Solicitation Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession the Consent Solicitation Memorandum comes are required to inform themselves about, and to observe, any such restrictions.

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