Lloyds Banking Group PLC Notice of reset reference rate modification (8310H)
07 Dicembre 2020 - 6:31PM
UK Regulatory
TIDMLLOY
RNS Number : 8310H
Lloyds Banking Group PLC
07 December 2020
7 December 2020
LLOYDS BANKING GROUP PLC
(incorporated with limited liability in Scotland registered
number 95000)
Legal Entity Identifier (LEI: H7FNTJ4851HG0EXQ1Z70 )
(the "Issuer")
NOTICE IN RESPECT OF RESET REFERENCE RATE MODIFICATION 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.
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
SECURITYHOLDERS
NOTICE IS HEREBY GIVEN by the Issuer to the Securityholders (in
accordance with Condition 17 (Notices)) of the Issuer's intention
to effect the Proposed Amendments (as defined in the updated
consent solicitation memorandum dated 30 October 2020 (the "Updated
Consent Solicitation Memorandum")) to the relevant Conditions of
each Series and as approved by the Securityholders for each Series
on the Effective Date (as defined below).
We refer to the Notice to Securityholders (RNS Number: 1908G)
dated 23 November 2020 (the "Notice of Adjourned Meetings"), which
sets forth the Issuer's intention to amend the Conditions of each
Series and the Notice of Results of the Securityholder Meetings
(RNS Number: 7646H) dated 7 December 2020 (the "Notice of Results")
notifying the relevant Securityholders that the Proposed Amendments
were passed accordingly.
In accordance with Annex B of the Notice of Adjourned Meetings
(Pricing Methodology), the determination of the LIBOR vs SONIA IRS
Basis (as defined in Annex B of the Notice of Adjourned Meetings
(Pricing Methodology)) took place at or around 2 p.m. London time
(the "Pricing Time") on 7 December 2020.
Accordingly, the Reset Reference Rate Adjustment has been
determined as 0.280 per cent. per annum being equal to the LIBOR vs
SONIA IRS Basis.
The PNC9 Securities Supplemental Trust Deed and the PNC15
Securities Supplemental Trust Deed each amending the relevant
Conditions have been executed and will become effective on and from
7 December 2020 (the "Effective Date").
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Updated Consent Solicitation
Memorandum.
DISCLAIMER This announcement must be read in conjunction with
the Updated Consent Solicitation Memorandum. The Updated Consent
Solicitation Memorandum contains important information which should
be read carefully before any decision is made with respect to the
Updated Consent Solicitations. 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 Updated Consent Solicitation or otherwise
participate in the relevant adjourned Meeting.
The distribution of the Updated Consent Solicitation Memorandum
in certain jurisdictions may be restricted by law. Persons into
whose possession the Updated Consent Solicitation Memorandum comes
are required to inform themselves about, and to observe, any such
restrictions.
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END
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December 07, 2020 12:31 ET (17:31 GMT)
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