8th Nov 2006 15:58
Lloyds TSB Group PLC08 November 2006 Lloyds TSB issue US$1,000 million American Depositary Shares representing Fixed/Floating Rate Non-cumulative Callable Preference Shares Lloyds TSB Group plc announced today that it has priced an issue of US$1,000million American Depositary Shares representing fixed/floating ratenon-cumulative callable preference shares (the "preference shares"). Theproceeds of the issue will be used for general business purposes. The preference shares are perpetual but callable after 10 years, with no step-upin dividend at that point, and have been priced with a dividend of 6.267% andissued at par. This represents a margin of 157 basis points over the yield atthe time of pricing on the 4.875% US Treasury bond due 15 August 2016.Dividends, if paid, will be paid half-yearly in arrear until 14 November 2016.The preference shares are callable at par on 14 November 2016, and on everysubsequent tenth anniversary dividend date, and if not called, the dividend willbe set at a floating rate equal to 103.5 basis points over three month US dollarLIBOR. No application has been or will be made to list the preference shares on theLondon Stock Exchange or any other stock exchange. This announcement is not an offer for sale of securities in the United States.The preference shares have not been and will not be registered under the USSecurities Act of 1933, as amended (the "Securities Act") and may not be offeredor sold in the United States absent registration or an exemption fromregistration under the Securities Act. Enquiries:Michael OliverDirector of Investor RelationsLloyds TSB Group plc020 7356 2167E-mail: [email protected] Sarah PollardSenior Manager, Investor RelationsLloyds TSB Group plc020 7356 1571E-mail: [email protected] Mary WalshDirector of Corporate RelationsLloyds TSB Group plc020 7356 2121E-mail: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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