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02 May 2025 22:56:09
- Source: Sharecast
Lloyds Banking Group plc
Redemption of the €750,000,000 6.375[1] per cent. Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities
(Common Code: 104354505* / ISIN: XS1043545059)
May 02, 2025. Lloyds Banking Group plc (the "Group") announces that it has issued a notice of redemption for the entire principal amount of its €750,000,000 6.375 per cent. Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities (the "Securities"). A notice of redemption pursuant to Clause 17 of the Trust Deed of the Securities has been distributed to BNY Mellon Corporate Trustee Services Limited, as trustee (the "Trustee").
The outstanding Securities will be redeemed on June 27, 2025 (the "Redemption Date") at an amount equal to 100% of their principal amount, together with any accrued but unpaid interest to, but excluding, the Redemption Date (the "Redemption Price"). Accordingly, the listing of the Securities on the Global Exchange Market of the Irish Stock Exchange will be cancelled on, or shortly after, June 27, 2025.
On the Redemption Date, the Redemption Price will become due and payable and interest on the Securities will cease to accrue. Before the Redemption Date, the Group will irrevocably deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the total Redemption Price of each of the Securities. When the Group makes such a deposit, all rights of the holders of the Securities will cease, except the holders' rights to receive the Redemption Price and the Securities will no longer be outstanding.
For further information in relation to the redemption of the Securities, please contact:
Group Corporate Treasury:
Kristofer Middleton
Number: +44 (0) 20 7356 1122
Head of Term Issuance and Capital Structuring
Email: Kristofer.Middleton@lloydsbanking.com
Niamh O'Connor
Head of Debt Investor Relations
Email: Niamh.O'Connor@lloydsbanking.com
.
* This Common Code number has been assigned to this issue by a third party, and is included solely for the convenience of the holders of the Securities. Neither the Group nor the Trustee shall be responsible for the selection or use of this Common Code number, nor is any representation made as to its correctness on the Securities or as indicated in any redemption notice.
[1] Reset to a fixed coupon equivalent to 5-year Euro Mid Swaps plus 529 basis points (4.947%) from 27 June 2020 (in line with the terms and conditions of the Bonds)
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