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Banco Santander launches Dutch auction tender for euro, pound notes
By Jennifer Chiou
New York, Aug. 22 - Banco Santander, SA and Santander Financial Exchanges Ltd. announced the start of an unmodified Dutch auction tender offer for several series of notes issued by Santander Finance Preferred, SA Unipersonal, Santander Central Hispano Financial Services Ltd. and Santander Issuances, SA Unipersonal.
The securities are listed in the table below.
According to a press release, Santander Financial Exchanges is acting as offeror for the £200 million of guaranteed perpetual step-up subordinated notes issued by Santander Central Hispano Financial and guaranteed by Banco Santander Central Hispano, SA. Banco Santander is acting as offeror for the remaining series of notes.
The offer involves €7,200,950,000 and £3,372,750,000 of securities, and Banco Santander and Santander Financial plan to accept tenders for up to €2 billion total of the securities.
The companies stated that those participating must specify the principal amount tendered for each series and the tender price.
The tender deadline is 11 a.m. ET on Aug. 30.
The companies will pay accrued interest to the settlement date in addition to the purchase price.
Settlement is slated for Sept. 4.
Banco Santander said that the offer is meant to help manage the group's outstanding liabilities and to strengthen its balance sheet.
The joint dealer managers are Deutsche Bank AG, London Branch (44 20 7545 8011 or liability.management@db.com) and Banco Santander, SA (34 91 257 2029 or syndicate@santandergbm.com). The tender and information agent is Lucid Issuer Services Ltd. (attn: Sunjeeve Patel/Thomas Choquet/David Shilson at 44 20 7704 0880; santander@lucid-is.com).
Issuer Series Amount
Santander Finance Preferred, SA Unipersonal 7 £250 million
Santander Finance Preferred, SA Unipersonal 3 €200 million
Santander Finance Preferred, SA Unipersonal 2 €300 million
Santander Finance Preferred, SA Unipersonal 9 €125.7 million
Santander Finance Preferred, SA Unipersonal 8 £679.4 million
Santander Central Hispano Financial Services Ltd. N/A £200 million
Santander Perpetual, SA Unipersonal 1 €750 million
Santander Issuances, SA Unipersonal 13 €1.5 billion
Santander Issuances, SA Unipersonal 9 €550 million
Santander Issuances, SA Unipersonal 10 £300 million
Santander Issuances, SA Unipersonal 18 €1.5 billion
Santander Issuances, SA Unipersonal 19 £800 million
Santander Issuances, SA Unipersonal 11 £300 million
Santander Issuances, SA Unipersonal 5 €500 million
Santander Issuances, SA Unipersonal 14 €500 million
Santander Issuances, SA Unipersonal 23 €449.250 million
Santander Issuances, SA Unipersonal 24 £843.35 million
Santander Issuances, SA Unipersonal 16 €102 million
Santander Issuances, SA Unipersonal 12 €585 million
Santander Issuances, SA Unipersonal 15 €114 million
Santander Issuances, SA Unipersonal 17 €25 million
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