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Lloyds announces exchange offer for Cleri Med debt

Lloyds Banking Group has announced an invitation to exchange three of Clerical Medical’s subordinated tier two bonds for new Lloyds TSB Bank senior bonds.

The purpose of the exchange is to create additional core tier one capital at Lloyds Banking Group to improve and strengthen its capital base.

Bondholders can either opt for new sterling senior notes which will be consolidated with Lloyd’s existing 6.375 per cent notes due April 15, 2014 or take new euro notes which are to be consolidated with the existing 6.250 per cent April 15, 2014 bonds.

The exchange offer expires on July 9 with the option for an early expiration deadline on July 7 if it receives acceptances from at least £10 m in respect of the sterling notes or 10m euros of the euro notes.

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