Banco Santander tenders for Santander Unipersonal's $1.5 billion of series 2 step-up notes

By Jennifer Chiou

New York, Feb. 17 - Banco Santander, SA announced the start of a cash tender offer for any and all of the $1.5 billion of series 2 guaranteed perpetual step-up subordinated notes issued by Santander Perpetual, SA Unipersonal.

Santander said that it holds $350 million of the notes.

The offer is slated to end at 5 p.m. ET on Feb. 25.

Santander added that it will pay $1,005 per $1,000 principal amount of notes plus accrued interest.

The tender agent is Acupay System LLC (212 422-1222 in New York, attention: Sabrina Cruz; 44 (0) 207-382-0340 in London, attention: Nina Santa Maria; or scruz@acupay.com). The dealer manager is Bank of America Merrill Lynch, debt advisory services (888 292-0070 or call collect 646 855-3401).

Banco Santander is a bank based in Madrid.

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