Banco Santander (Mexico) eyes $1.3 billion securities in 4½%-6½% area

By Wendy Van Sickle

Columbus, Ohio, Aug. 29 – Banco Santander (Mexico), SA plans to issue about $1.3 billion of capital securities, or the equivalent in pesos, according to a 6-K filing with the Securities and Exchange Commission.

The securities would have a term of up to 15 years, with an early redemption option and an expected coupon between 4½% and 6½%.

Proceeds will be used for general corporate purposes and/or the repurchase of subordinated debentures.

The securities would be issued under Rule 144A/Regulation S in a private offering with the understanding that final indirect parent company Banco Santander, SA wishes to acquire at least 75% of all the securities, according to the filing.

The issuer is asking its stockholders to approve the issue.

Madrid-based Banco Santander provides bank services. Its subsidiary is based in Mexico City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.