Totta & Acores calls €300 million perpetual step-up preference shares

By Wendy Van Sickle

Columbus, Ohio, Nov. 30 – Totta & Acores Financing, Ltd. called its €300 million of perpetual non-cumulative guaranteed step-up preference shares, according to a notice.

The preference shares will be redeemed on Dec. 30 at a price of €1,009.516 per preference share, which includes accrued dividends to the redemption date.

The redemption is conditioned on the European Central Bank giving its approval by Dec. 28.

The notice said that, because of the new framework of capital adequacy requirements, the preference shares no longer fully qualify for inclusion in the tier 1 capital of Banco Santander Totta, SA and thereby are redeemable at any time.

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