Banco Santander gets tenders for 98.88% of series X preference shares

By Angela McDaniels

Tacoma, Wash., Dec. 27 - Banco Santander, SA said the holders of 77,743,969 of Santander Finance Capital, SAU's preference shares, or participaciones preferentes series X, accepted its repurchase offer.

The nominal value of the tendered preference shares is €1,943,599,225. This is 98.88% of the €1,965,615,725 nominal value of the outstanding preference shares.

As previously reported, Banco Santander offered to repurchase the preference shares for €25.00 each, which is equal to their nominal value.

The repurchase offer ended on Dec. 23. The settlement date is Dec. 30.

The repurchase offer was open only to holders of record as of Dec. 5 who tendered all of their preference shares and who agreed to purchase a number of new Banco Santander common shares equal to the nominal value of their preference shares divided by the issue price of the new common shares.

The issue price is €5.686, which is the average of the weighted prices of Banco Santander's common shares from Dec. 14 to Dec. 23, according to a 6-K filing with the Securities and Exchange Commission.

Based on the €5.686 issue price, holders who participated must purchase 4.39676 common shares for every preference share tendered.

In total, the holders will purchase 341,802,171 shares, which will be 3.84% of the company's share capital following settlement.

The Madrid-based bank said that all holders of the preference shares, whether or not they accepted the repurchase offer, will receive the remuneration corresponding to the fourth quarter on Dec. 30.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.