Santander USA gets early tenders for 68.4% of 7.908% securities

By Jennifer Chiou

New York, Oct. 18 - Santander Holdings USA, Inc., a wholly owned indirect subsidiary of Banco Santander, SA, announced the receipt of early tenders for $164 million aggregate liquidation amount, or 68.4%, of their Capital Trust VI 7.908% capital securities.

The tenders were received by 5 p.m. ET on Oct. 17.

The company said on Oct. 3 that it began a fixed price cash tender offer for the 7.908% securities, which have a total liquidation outstanding amount of $300 million.

Holders who tendered their notes by the early tender deadline will receive the total purchase price of $1,050 per $1,000 liquidation amount of securities, which includes an early tender payment of $50.00 per $1,000 liquidation amount.

Those who tender after the early tender date will receive par per $1,000 liquidation amount.

The tender offer will expire at 11:59 p.m. ET on Oct. 31.

The company also will pay accrued interest to but excluding the purchase date.

J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-4811) is the dealer manager. D.F. King & Co., Inc. (800 967-7921 or banks and brokers 212 269-5550) is the tender agent and information agent.

Boston-based Santander Holdings USA is the parent company of Sovereign Bank. Banco Santander is a commercial and private bank based in Madrid.

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