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Published on 10/15/2012 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Santander USA corrects early tender date for 7.908% securities

By Susanna Moon

Chicago, Oct. 15 - Santander Holdings USA, Inc., a wholly owned indirect subsidiary of Banco Santander, SA, said holders may tender their Capital Trust VI 7.908% capital securities by 5 p.m. ET on Oct. 17 to receive the total purchase price.

The company said on Oct. 3 that it began a fixed price cash tender offer for the 7.908% securities, with a total liquidation outstanding amount of $300 million.

Holders who tender their notes by the early tender deadline will receive the total purchase price of $1,050 per $1,000 liquidation amount of securities, which includes an early tender payment of $50 per $1,000 liquidation amount.

Those who tender after the early tender date will receive par per $1,000 liquidation amount, according to a previous press release.

The tender offer will expire at 11:59 p.m. ET on Oct. 31.

The company also will pay accrued interest to but excluding the purchase date, which is expected to be promptly following the respective early deadline and the expiration.

J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-4811) is the dealer manager. D.F. King & Co., Inc. (800) 967-7921 or banks and brokers 212 269-5550) is the tender agent and information agent.

Boston-based Santander Holdings USA is the parent company of Sovereign Bank. Banco Santander is a commercial and private bank based in Madrid.


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