Santander Holdings USA tenders for any and all 3.45% notes due 2018

By Marisa Wong

Morgantown, W.Va., July 10 – Santander Holdings USA, Inc. said it has begun a cash tender offer for any and all of its $500 million outstanding 3.45% senior notes due Aug. 27, 2018.

The offer will expire at 5 p.m. ET on July 14.

The purchase price for each $1,000 principal amount of notes tendered and accepted for purchase will be determined using the yield based on the bid-side price of the 0.75% U.S. Treasury security due July 31, 2018 plus a fixed spread of 50 basis points. Pricing will be set at 11 a.m. ET on July 14.

Tenders may be withdrawn before the expiration of the offer.

Settlement is expected to occur on July 17. Payment for notes delivered under guaranteed delivery procedures is expected to occur on July 19.

The company said it will fund purchases of notes under the tender offer through one or more offerings of senior unsecured debt securities or available cash on hand.

The offer is not conditioned on the tender of any minimum principal amount of notes.

Barclays (800 438-3242 or 212 528-7581) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are dealer managers for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 814-2879, www.dfking.com/santander) is the tender agent and information agent.

Boston-based Santander Holdings USA is a wholly owned subsidiary of Madrid-based Banco Santander, SA.

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