Santander Bank tenders for 2%, floating-rate notes due 2018 at 100.5

By Susanna Moon

Chicago, March 22 – Santander Holdings USA Inc.’s wholly owned subsidiary Santander Bank, NA began cash tender offers for its $750 million of 2% senior notes due 2018 and $250 million of senior floating-rate notes due 2018.

The purchase price will be $1,005 per $1,000 principal amount of each series of notes.

Holders also will receive accrued distributions to but excluding the payment date.

The tender offer will remain open until 5 p.m. ET on March 28, with settlement slated for March 29. Settlement for notes delivered under guaranteed delivery procedures will occur on March 31.

Tenders may be withdrawn at any time before the offer ends or, if it is extended, the 10th business day after the beginning of the offer.

Santander is holding the offers to retire some or all of the notes before maturity and will fund the purchases using cash on hand, according to a bank announcement.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) and Santander Investment Securities Inc. are the dealer managers. D.F. King & Co., Inc. (212 269-5550, 800 820-2416 or dfking.com/Santander) is the tender agent and information agent.

Boston-based Santander Holdings USA is the parent company of Sovereign Bank. It is a subsidiary of Spain’s Banco Santander, SA.

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