Santander Holdings USA offers fixed-to-floating senior notes

By Marisa Wong

Los Angeles, Nov. 6 – Santander Holdings USA, Inc. plans to price fixed-to-floating rate senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

The coupon will be fixed initially and then will reset to a floating rate based on compounded SOFR and a fixed spread.

The notes will be callable beginning 180 days after the issue date. The notes will be callable at a make-whole price until one year prior to maturity and then callable at par.

Santander US Capital Markets LLC, Barclays, BMO Capital Markets Corp. and J.P. Morgan Securities LLC are the joint bookrunners.

Deutsche Bank Trust Co. Americas is the trustee.

Wachtell, Lipton, Rosen & Katz will act as counsel for the issuer, with McGuireWoods LLP handling matters of Virginia law. Latham & Watkins LLP will represent the underwriters.

Proceeds will be used for general corporate purposes.

The Boston-based issuer is a wholly owned subsidiary of Spain’s Banco Santander, SA. The issuer specializes in consumer financing focused on vehicle financing.

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