Banco Santander-Chile gets total tenders for $48 million 5.375% notes

By Jennifer Chiou

New York, June 7 - Banco Santander-Chile announced the receipt of total tenders for $47,786,000 of its $300 million of 5.375% subordinated notes due 2014 in the offer for up to $75 million of the securities.

The offer expired at midnight ET on June 6.

The company accepted all early tenders for $45,556,000 of notes on May 23. Final settlement was slated for June 7.

The total consideration per $1,000 principal amount of notes tendered by the early tender date, 5 p.m. ET on May 22, was $1,065, including a $30.00 early tender payment.

The purchase price was determined through a modified Dutch auction.

As announced, each holder who tendered notes in the offer had to specify a bid price of $1,045 to $1,065, which included the early tender payment and represents the minimum consideration that holder was willing to receive for those notes.

Holders who tendered notes without specifying a bid price were deemed to have specified $1,045.

The clearing price was determined based on the bid price of all tendered notes in order of lowest to highest bid price.

Holders also received accrued interest.

The Santiago, Chile-based bank said the offer was subject to some customary conditions. It launched the offer on May 9.

The dealer managers were Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and Santander Investment Securities Inc. (212 407-0995). The tender and information agent was D.F. King & Co., Inc. (800 659-5550 or, for banks and brokers, 212 269-5550).

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