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(Correcting share price.)
Lloyds Banking Group PLC on Monday said it is launching a tender offer worth £1.06 billion of sterling-denominated notes.
Lloyds is offering to purchase for cash any and all the outstanding 7.625% fixed rate tier one subordinated convertible securities due 2023.
The offer is part of Lloyd's continuous review and management of outstanding capital base.
For each £1,000 of the securities tendered, holders of the securities will be eligible to receive £1,020. Holders will also receive accrued and unpaid interest on the securities from the last interest payment date up to the settlement date.
The offer has commenced with immediate effect and will end on October 7. The settlement date is expected to be October 13.
Shares in Lloyds were 0.3% higher at 47.08 pence each in London on Tuesday afternoon.
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