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Lloyds to redeem €1.5 billion notes early in April

Published 02/18/2025, 05:34 AM
Lloyds to redeem €1.5 billion notes early in April

Lloyds to redeem €1.5 billion notes early in April

LONDON - Lloyds Banking Group PLC (LSE:LON:LLOY) announced Tuesday that it will redeem its €1,500,000,000 Fixed Rate Reset Callable Notes due in 2026. The redemption is set for April 1, 2025, ahead of the maturity date on April 1, 2026.

The notes, with ISIN XS2148623106, were initially issued on April 1, 2020. Lloyds Banking Group stated that the redemption would occur at the Early Redemption Amount, which includes any accrued interest up to the redemption date.

The decision to redeem the notes complies with Condition 5(f) (Redemption at the Option of the Company) of the Conditions of the Notes. The bank also confirmed that it has met all necessary conditions for redemption under Condition 5(j), ensuring all prerequisites to redemption and purchase have been satisfied.

This notice follows the stipulations of Condition 15, as modified by clause 4.9 of the Amendments to Conditions while in Global Form, as outlined in the trust deed dated April 8, 2019. The trust deed was made between the Issuer and The Law Debenture Trust Corporation p.l.c., serving as the Trustee for the notes.

Noteholders are not required to take any action regarding their holding of the notes, as the redemption process will be managed by Lloyds Banking Group. This move is part of the company's financial management strategy, and it directly affects investors holding these specific callable notes.

The information regarding this redemption has been disseminated by RNS, the news service of the London Stock Exchange (LON:LSEG), and is subject to terms and conditions of use and distribution. The Financial Conduct Authority has approved RNS to act as a Primary Information Provider in the United Kingdom (TADAWUL:4280).

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This decision by Lloyds Banking Group to redeem the notes early is based on a press release statement and provides note holders with clarity on the upcoming financial transaction.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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