Banco Santander Starts Tender Offer for 4.75% Additional Tier 1 Securities

MT Newswires Live05-27 16:58

Banco Santander (SAN) launched a cash tender offer to repurchase up to $850 million of its outstanding 4.75% perpetual preferred tier 1 securities, the bank said Wednesday.

The Spanish lender said the offer aims to optimize its tier 1 capital, liquidity and debt maturity profile, with repurchased securities set to be canceled.

The company is offering $1,001 per $1,000 principal amount tendered for the securities, which have a first optional redemption date of Nov. 12, with $1 billion currently outstanding.

The offer expires June 9, with settlement expected on June 11, and Santander plans to fund the purchase through a new AT1 issuance or available cash, it added.

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