Lloyds Banking Group plc has issued a notice of redemption for its outstanding $1,675,000,000 7.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities. The redemption date is set for June 27, 2024, at an amount equal to 100% of their principal amount, along with any accrued but unpaid interest. The listing of the Notes on the Global Exchange Market of the Irish Stock Exchange will be cancelled on or shortly after June 27, 2024.
Holders may surrender the Notes and obtain payment of the Redemption Price at The Bank of New York Mellon in London. Upon redemption, the Redemption Price will become due and payable, and interest on the Notes will cease to accrue. The Group will deposit with the Trustee or a paying agent an amount of money sufficient to pay the total Redemption Price of each of the Notes before the Redemption Date.
The redemption of the Notes will result in a loss to CET1 of approximately 0.3bn due to the change in FX rates since the date of issuance. However, this does not change the Full Year 2024 capital generation guidance or any other aspect of current guidance. For further information, Group Corporate Treasury can be contacted.
The news also includes a disclaimer regarding the CUSIP number assigned to the issue by a third party, emphasizing that neither the Group nor the Trustee is responsible for its selection or use. The announcement concludes with a statement about forward-looking statements.