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Santander Holdings USA prices tender offer for 3.45% notes due 2018
By Susanna Moon
Chicago, July 14 – Santander Holdings USA, Inc. said it priced the cash tender offer for its $500 million outstanding 3.45% senior notes due Aug. 27, 2018.
The purchase price is $1,017.11 for each $1,000 principal amount, with pricing set at 11 a.m. ET on July 14 using the yield of the bid-side price of the 0.75% U.S. Treasury security due July 31, 2018 plus a fixed spread of 50 basis points.
The reference yield was 1.263%, according to a company update on Friday.
The tender offer was set to end at 5 p.m. ET on July 14. Settlement is expected to occur on July 17. Payment for notes delivered under guaranteed delivery procedures is expected to occur on July 19.
As announced July 10, the company will fund the note purchases using proceeds of one or more offerings of senior unsecured debt securities and with cash on hand.
Barclays (800 438-3242 or 212 528-7581) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are dealer managers for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 814-2879, dfking.com/santander) is the tender agent and information agent.
Boston-based Santander Holdings USA is a wholly owned subsidiary of Madrid-based Banco Santander, SA.
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