Lloyds TSB Bank and the Bank of Scotland issued a £1.45 billion ($2.35 billion) CLO of project finance loans.

The deal's capital structure comprises three triple-A tranches rated by Standard & Poor's and Fitch Ratings. Classes A1, A2 and A3 are each expected to be split into ‘a’ and ‘b’ sub tranches at closing. The offering, which is expected to close on March 31, will also include on single-A rated B class note. 

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