Santander USA tenders for $663.24 million 2.7% senior notes due 2019

By Susanna Moon

Chicago, June 25 – Santander Holdings USA, Inc. said it is tendering for its $663,239,000 of outstanding 2.7% senior notes due May 24, 2019 until 5 p.m. ET on June 29.

Pricing will be set at 11 a.m. ET on June 29 using the 0.875% Treasury note due April 15, 2019 plus 35 basis points for a hypothetical purchase price of $1,000.27 per $1,000 principal amount.

The hypothetical purchase price was set at 11 a.m. ET on June 22 using the planned payment date of July 2.

Tenders may be withdrawn at any time before the earlier of the expiration time and – if the offer is extended – the 10th business day after the start of the offer.

Santander USA is holding the offer in order to retire all or some of the notes before maturity and will fund the purchases using cash on hand, according to a bank announcement.

Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) is the dealer manager. D.F. King & Co., Inc. (212 269-5550, 800-814-2879 or dfking.com/santander) is the tender agent and information agent.

Boston-based Santander Holdings USA is a wholly owned subsidiary of Madrid-based Banco Santander, SA.

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