Santander begins tender offer for Abbey National's 7.95% securities

By Angela McDaniels

Tacoma, Wash., Aug. 25 - Banco Santander, SA said its finance subsidiary, Santander Financial Exchanges Ltd., has begun a tender offer for Abbey National plc's 7.95% term subordinated securities due Oct. 26, 2029.

Holders will receive par plus accrued interest up to but excluding the payment date, according to a bank news release.

The tender offer will expire at 5 p.m. ET on Sept. 1, and the payment date is expected to be three business days later.

Goldman, Sachs & Co. (800 828-3182 or 212 902-5183) is the dealer manager, and Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent.

London-based bank Abbey National is owned by Banco Santander, a commercial and private bank based in Madrid.

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