Lloyds Banking Group PLC Update on Enhanced Capital Notes (9503I)
March 31 2015 - 1:02AM
UK Regulatory
TIDMLLOY
RNS Number : 9503I
Lloyds Banking Group PLC
31 March 2015
31 March 2015
UPDATE ON ENHANCED CAPITAL NOTES (ECNs)
Further to the RNS dated 16 December 2014, Lloyds Banking Group
(the Group) has received permission under Article 78 of the Capital
Requirements Regulation (Regulation 575/2013/EU) from the
Prudential Regulatory Authority (PRA) for the redemption of certain
series of ECNs (listed in the appendix).
The Group has also been notified by BNY Mellon Corporate Trustee
Services Limited, the Trustee in respect of the ECNs, that it will
seek a declaratory judgment (following an instruction from certain
bondholders), in respect of the interpretation of certain terms of
the ECNs. The Group will work with the Trustee to seek an expedited
process and, on the basis of such, has decided to defer exercising
the redemption of these ECNs for the time-being.
The Group will provide a further update on the redemption of the
ECNs in due course.
- END -
Appendix
ISIN Issuer Issue Maturity Coupon Currency Principal
Date Amount
Outstanding
(m)
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459088281 No.1 01/12/09 23/05/20 6.4390% EUR 47.38
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459088877 No.1 01/12/09 19/03/20 11.0400% GBP 58.25
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459086749 No.1 01/12/09 17/12/19 7.8673% GBP 17.17
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459088109 No.2 01/12/09 07/02/20 9.3340% GBP 20.56
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459091582 No.2 01/12/09 09/12/19 7.6250% GBP 39.95
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459091665 No.2 01/12/09 15/12/19 9.0000% GBP 15.06
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459091749 No.1 01/12/09 15/12/19 8.1250% GBP 3.67
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459086582 No.1 01/12/09 12/05/20 7.5884% GBP 60.51
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459093364 No.1 01/12/09 25/08/20 7.8690% GBP 26.03
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459090188 No.2 01/12/09 15/07/20 9.1250% GBP 46.36
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459091079 No.2 01/12/09 10/08/20 12.7500% GBP 13.16
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459090691 No.2 01/12/09 04/11/20 11.1250% GBP 4.07
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459086822 No.1 01/12/09 15/09/24 7.9750% GBP 27.33
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092390 No.2 01/12/09 14/09/23 11.2500% GBP 18.75
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459091822 No.2 01/12/09 30/01/22 14.5000% GBP 15.00
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092473 No.2 01/12/09 29/09/23 10.5000% GBP 8.68
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459093281 No.2 01/12/09 10/12/24 16.1250% GBP 14.30
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092127 No.2 01/12/09 10/02/23 9.8750% GBP 5.11
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092556 No.2 01/12/09 01/09/24 11.8750% GBP 15.92
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092804 No.2 01/12/09 15/07/29 9.0000% GBP 0.62
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0459092986 No.2 01/12/09 07/06/32 8.5000% GBP 3.48
----------------- ------------- ---------- ---------- --------- --------- -------------
XS0459093521 LBG Capital
/ XS0459093794 No.1 10/12/09 01/11/20 7.8750% USD 69.39
----------------- ------------- ---------- ---------- --------- --------- -------------
LBG Capital
XS0496068429 No.2 19/03/10 19/03/20 7.8750% USD 328.95
----------------- ------------- ---------- ---------- --------- --------- -------------
For further information:
Investor Relations
Douglas Radcliffe +44 (0) 20 7356 1571
Interim Investor Relations Director
Email: douglas.radcliffe@finance.lloydsbanking.com
Mike Butters +44 (0) 20 7356 1187
Director, Investor Relations
Email: mike.butters@finance.lloydsbanking.com
Duncan Heath +44 (0) 20 7356 1585
Director, Investor Relations
Email: duncan.heath@finance.lloydsbanking.com
Corporate Affairs
Matt Young +44 (0) 20 7356 2231
Group Corporate Affairs Director
Email: matt.young@lloydsbanking.com
Ed Petter +44 (0) 20 8936 5655
Media Relations Director
Email: ed.petter@lloydsbanking.com
Matt Smith +44 (0) 20 7356 3522
Head of Corporate Media
Email: matt.smith@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements with
respect to the business, strategy and plans of Lloyds Banking Group
and its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about Lloyds Banking Group's
or its directors' and/or management's beliefs and expectations, are
forward looking statements. By their nature, forward looking
statements involve risk and uncertainty because they relate to
events and depend upon circumstances that will or may occur in the
future. Factors that could cause actual business, strategy, plans
and/or results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such forward
looking statements made by the Group or on its behalf include, but
are not limited to: general economic and business conditions in the
UK and internationally; market related trends and developments
fluctuations in exchange rates, stock markets and currencies; the
ability to access sufficient sources of capital, liquidity and
funding when required; changes to the Group's credit ratings; the
ability to derive cost savings; changing customer behaviour
including consumer spending, saving and borrowing habits; changes
to borrower or counterparty credit quality; instability in the
global financial markets, including Eurozone instability and the
impact of any sovereign credit rating downgrade or other sovereign
financial issues; technological changes and risks to cyber
security; natural, pandemic and other disasters, adverse weather
and similar contingencies outside the Group's control; inadequate
or failed internal or external processes or systems; terrorist
acts, geopolitical events and other acts of war or hostility,
geopolitical, pandemic or other such events; changes in laws,
regulations, accounting standards or taxation, including as a
result of further Scottish devolution; changes to regulatory
capital or liquidity requirements and similar contingencies outside
the Group's control; the policies, decisions and actions of
governmental or regulatory authorities in the UK, the European
Union (EU), the US or elsewhere including the implementation of key
legislation and regulation; the ability to attract and retain
senior management and other employees; requirements or limitations
imposed on the Group as a result of HM Treasury's investment in the
Group; actions
or omissions by the Group's directors, management or employees
including industrial action; changes to the Group's post-retirement
defined benefit scheme obligations; the ability to complete
satisfactorily the disposal of certain assets as part of the
Group's EU State Aid obligations; the provision of banking
operations services to TSB Banking Group plc; the extent of any
future impairment charges or write-downs; the value and
effectiveness of any credit protection purchased by the Group; the
inability to hedge certain risks economically; the adequacy of loss
reserves; the actions of competitors, including non-bank financial
services and lending companies; and exposure to regulatory
scrutiny, legal proceedings, regulatory and competition
investigations or complaints. Please refer to the latest Annual
Report on Form 20-F filed with the US Securities and Exchange
Commission for a discussion of certain factors together with
examples of forward looking statements. Except as required by any
applicable law or regulation, the forward looking statements
contained in this document are made as of today's date, and Lloyds
Banking Group expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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