Lloyds Banking Group (LLOY.L, LYG) announced the results of the Non-US Exchange Offer, the level of Offers to Exchange received by the Exchange Agents pursuant to the US Exchange Offer as at the Early Tender Deadline and an increase to the Maximum ECN New Issue Amount under the US Exchange Offer.
On 3 November 2009, Lloyds Banking Group announced its Non-US Exchange Offer, pursuant to which it invited Holders of certain Existing Securities to Offer to Exchange their Existing Securities for an aggregate of £7.0 billion of Enhanced Capital Notes or an aggregate Exchange Consideration Amount equivalent to £1.5 billion.
The company said that following strong investor demand, Offers to Exchange £12.51 billion in principal amount of Existing Securities were received by the Exchange Agent, of which £8.78 billion have been accepted.
An aggregate amount of £1.48 billion of Exchange Consideration will be issued in the form of New Shares, in certain limited circumstances, Additional ECNs and/or paid in cash on the Late Settlement Date, compared to the Maximum Exchange Consideration Amount of £1.5 billion.
The ECN Issuers will issue an aggregate principal amount of ECNs on the Early Settlement Date equivalent to £6.99 billion, compared to the Maximum ECN New Issue Amount of £7.0 billion.
For comments and feedback: editorial@rttnews.com