LONDON – Lloyds Banking Group (LON:) plc has announced the redemption of its entire outstanding $1 billion 2.438% Senior Callable Fixed-to-Fixed Rate Notes due in 2026. The redemption is scheduled for February 5, 2025, at which point the notes will be redeemed at 100% of their principal amount, along with any accrued but unpaid interest.
The notes will be redeemed in accordance with the terms set out in the Senior Debt Securities Indenture from July 6, 2010, as amended by the Tenth Supplemental Indenture dated February 5, 2020. The Bank of New York Mellon (NYSE:), London Branch, will act as the Trustee overseeing the redemption process.
In preparation for the redemption, Lloyds Banking (NYSE:) Group will make a deposit with the Trustee or a Paying Agent before the Redemption Date to ensure there are sufficient funds to cover the total Redemption Price of the notes. Following this deposit, the rights of the holders of the notes will be limited to receiving the Redemption Price without any additional interest, and the notes will no longer be considered outstanding.
The redemption will also lead to the cancellation of the listing of the notes on the New York Stock Exchange shortly after February 5, 2025. Noteholders are directed to The Bank of New York Mellon, London Branch, to surrender their notes and obtain payment of the Redemption Price.
This redemption move comes as part of the Group’s debt management strategy. On the Redemption Date, the Redemption Price will become due and payable, and interest on the notes will cease to accrue. The announcement is based on a press release statement from Lloyds Banking Group plc.
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