Banco Santander convertibles get new conversion ratio

By Devika Patel

Knoxville, Tenn., Nov. 19 - Banco Santander, SA's €7 billion of mandatorily convertible securities have been assigned a new conversion ratio, according to a 6-K filed Wednesday with the Securities and Exchange Commission.

According to the filing, the new conversion ratio is 341.7635 shares for each of the securities.

The change is due to a new reference price for the bank's shares, €14.63.

Banco Santander is Europe's second largest bank and is based in Santander, Spain.

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