Santander USA completes tender offer for 7.908% capital securities

By Jennifer Chiou

New York, Nov. 1 - Santander Holdings USA, Inc., a wholly owned indirect subsidiary of Banco Santander, SA, announced the close of the tender offer for their Capital Trust VI 7.908% capital securities.

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

After having received early tenders for $164 million aggregate liquidation amount, or 68.4%, of the securities, the company did not mark any additional tenders.

As announced, the early 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 received the total purchase price of $1,050 per $1,000 liquidation amount of securities, which included an early tender payment of $50.00 per $1,000 liquidation amount.

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

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

© 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.