Santander prices, gives early tender tally for 2023, 2024 notes

Chicago, June 21 – Santander UK plc released pricing in its tender offers for its outstanding $879,409,000 2.1% notes due 2023 (ISIN: US80283LAY92) and its outstanding $567,879,000 2.875% notes due 2024 (ISIN: US80283LAX10), according to a news release.

The company will pay a total consideration of $1,026.78 per $1,000 note for the 2023 notes and $1,063.27 per $1,000 note for the 2024 notes. Both total considerations are inclusive of a $30 early tender premium that will not be paid after the early tender time.

The prices were determined at 10 a.m. ET on June 21 using the 0.125% U.S. Treasury Security due May 31, 2023 plus 10 basis points for the 2023 notes and on the 0.25% U.S. Treasury Security due May 15, 2024 plus 25 bps for the 2024 notes.

Interest will also be paid to the early settlement date, anticipated for June 22.

The company also announced in a separate release details regarding the amounts of notes tendered and an upsizing to the amount it will accept.

Initially, the company was offering to buy up to $395,734,000 of the 2023 notes, an amount that has been raised to $546,913,000 to allow the company to buy back all of the tendered notes.

The company was offering to buy back up to $255,545,000 of the 2024 notes, increased now to all of the $260,807,000 tendered notes.

Previously reported, the early tender time was 5 p.m. ET June 18. This was also the withdrawal deadline.

The offers will expire at 11:59 p.m. ET July 2. However, because the caps were exceeded and have already been upsized, the issuer does not expect to accept any more notes for purchase.

The final settlement date was expected to be July 7.

J.P. Morgan Securities LLC (212 834-4045, 866 834-4666, +44 20 7134 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 20 7704 0880, santander@lucid-is.com) is the information and tender agent.

The financial services company is based in London.

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