Davis Polk advised Lloyds Bank plc, a public limited company incorporated in England, on its SEC-registered offering of $1 billion aggregate principal amount of 2.3% senior notes due 2018, fully and unconditionally guaranteed by Lloyds Banking Group plc. Goldman, Sachs & Co., J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint bookrunners and joint lead managers.
Based in the United Kingdom, Lloyds Bank plc is a wholly owned subsidiary of Lloyds Banking Group plc. With a focus on retail and commercial financial services, Lloyds Banking Group offers banking, insurance, pension and investment services and has over 30 million customers in the United Kingdom.
The Davis Polk corporate team included partner John Banes and associates Amy T. Alter and Julia Danforth. Partner John D. Paton and counsel Alon Gurfinkel provided tax advice. Rachel Sterling was the legal assistant on the transaction. All members of the Davis Polk team are based in the London office.