Lloyds Banking Group to redeem £500m subordinated debt

Lloyds Banking Group has announced its plan to redeem £500 million of its subordinated debt securities on September 15, 2026. The company will pay out the entire outstanding principal amount of the securities, plus accrued interest, at 100% of their principal value. The redemption will be facilitated by The Bank of New York Mellon, acting as trustee.

The securities, identified by ISIN XS2351166421 and Common Code 235116642, were issued under an indenture dated November 4, 2014, which was subsequently amended in June 2021. Listing of the securities on the New York Stock Exchange will be terminated on or shortly after the redemption date. Interest on the securities will cease accruing at that time.

Lloyds Banking Group has assured that it will deposit sufficient funds with the trustee or a paying agent to cover the total redemption price prior to the due date. Once the deposit is made, security holders will only have the right to receive the redemption price.