Lloyds’ Debt Deal Paves Way for ￡13.5bn Right Issue
Lloyds Banking Group will today price its record-breaking ￡13.5bn rights issue on the back of strong demand from its lenders for a new type of hybrid debt.
Analysits expect the cash-call, the biggest ever in the UK, to be priced at 30p to 35p a share, which is based on Lloyds’ guidance that it was likely to be at a 38pc to 42pc discount to the theoretical ex-rights price. Lloyds’ shares closed up 3.32 at 91.47 last night.
The rights issue is part of a total ￡22.5bn capital raising undertaken by the bank that was brought to its knees by the acquisition of HBOS. Raising the fresh capital will enable Lloyds to excape the pricey Government-backed insurance scheme for bad debts-known as the Asset Protecti9on Scheme. Lloyds is 43pc owned by the taxpayer.
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