Santander begins capped tenders for 2.1% notes, 2.875% notes

By Wendy Van Sickle

Columbus, Ohio, June 7 – Santander UK plc announced cash tender offers for $395,734,000 of its outstanding $879,409,000 2.1% notes due 2023 (ISIN: US80283LAY92) and $255,545,000 of its outstanding $567,879,000 2.875% notes due 2024 (ISIN: US80283LAX10), according to a news release.

Pricing of the notes will be calculated at 10 a.m. ET on June 21 based on the 0.125% U.S. Treasury Security due May 31, 2023 plus 10 basis points for the 2.1% notes and on the 0.25% U.S. Treasury Security due May 15, 2024 plus 25 bps for the 2.875% notes.

Holders who tender notes prior to the 5 p.m. ET June 18 early tender time will receive the early tender payment, which includes $30 per $1,000 of notes tendered.

Santander will also pay interest on the notes.

Notes tendered at or prior to the early tender time will receive priority over those tendered after the early tender time.

The withdrawal deadline is 5 p.m. ET June 18.

The early settlement date is expected to be June 22.

The offers will expire at 11:59 p.m. ET July 2.

The final settlement date is expected to be July 7.

J.P. Morgan Securities LLC (212 834-4045, 866 834-4666, +44 207 134-2468; liability_management_EMEA@jpmorgan.com) and Santander Investment Securities Inc. (212 940-1442, 855 404-3636) are the dealer managers and Lucid Issuer Services Ltd. (+44 020 7704-0880, santander@lucid-is.com) is the information and tender agent.

The financial services company is based in London.

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