LBG is launching a prioritized exchange offer for eligible holders of ECNs to exchange them for new additional Tier One securities. The offer aims to eliminate uncertainty around the regulatory call right in the ECNs and meet the group's medium-term additional Tier One target. The exchange ratio is USD1,057.50 of new notes per USD1,000 of old notes, plus accrued interest. The expected proceed security details include an ISIN of US539439AG42, a first call date of 06/27/2024, an initial coupon of 7.50% per annum, and a reset coupon of 5-year MS+4.76%. The conversion price is USD1.072. The exchange offer is conditioned upon receiving valid offers that meet the minimum new issue size of USD750,000,000 and is capped at a maximum new issue size of USD1,675,000,000.
documents/vol00010-efta01461508-pdf.pdf
{"document_type":"financial","key_organizations":["LBG"],"reference_numbers":["US539439AG42"]}