Santander USA sets pricing in tender for 2.7% senior notes due 2019

By Susanna Moon

Chicago, June 29 – Santander Holdings USA, Inc. said it priced the tender offer for its $663,239,000 of outstanding 2.7% senior notes due May 24, 2019 at 11 a.m. ET on June 29.

The purchase price was set at $1,000.36 per $1,000 principal amount using the 0.875% Treasury note due April 15, 2019 plus 35 basis points for a reference yield of 2.305%, according to a bank announcement.

The company said on June 25 that it was tendering for the notes until 5 p.m. ET on June 29.

Settlement is expected to occur on July 2 with the purchase for notes tendered under the guaranteed delivery procedures to occur on July 5.

Santander USA previously said it 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.

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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