Banco Santander gets tenders for 95% of investor-held step-up notes

By Susanna Moon

Chicago, Feb. 26 - Banco Santander, SA said it completed a cash tender offer for any and all of the $1.5 billion of series 2 guaranteed perpetual step-up subordinated notes issued by Santander Perpetual, SA Unipersonal.

Investors tendered about $1,092,550,000, or 95%, of the outstanding notes not held by Santander, according to a company press release. Santander said it holds $350 million of the notes.

The settlement date is expected to be March 2.

Following settlement, investors unaffiliated with Santander will hold $57.92 million principal amount of outstanding notes, the release said.

The offer expired at 5 p.m. ET on Feb. 25. It began on Feb. 17.

Santander previously said it would pay $1,005 per $1,000 principal amount of notes plus accrued interest.

The tender agent is Acupay System LLC (212 422-1222 in New York, attention: Sabrina Cruz; 44 0 207-382-0340 in London, attention: Nina Santa Maria; or scruz@acupay.com). The dealer manager is Bank of America Merrill Lynch, debt advisory services (888 292-0070 or call collect 646 855-3401).

The notes are listed on the London Stock Exchange.

Banco Santander is a bank based in Madrid.

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