Santander UK announces results of cash tender offer for 7.95% notes

Chicago, Sept. 20 – Santander UK plc announced the results of its cash tender offer for any and all of its $221,135,000 outstanding 7.95% term subordinated securities due Oct. 26, 2029 (ISIN: US002920AC09), according to an announcement Monday.

As of the 5 p.m. ET deadline on Sept. 17, the company received tenders for $4,702,000 of the notes, including $5,000 of notes that were tendered via guaranteed delivery procedures.

The total consideration per $1,000 principal amount will be $1,386.01, which was calculated at 11 a.m. ET on Sept 17 based on the 1.25% U.S. Treasury due Aug. 15, 2031 plus 125 basis points. In addition to the total consideration, holders will also be eligible to receive a cash payment representing unpaid interest from, and including, the last interest payment date up to, but excluding, the settlement date.

Notices of guaranteed delivery should be received by 5 p.m. ET on Sept. 21.

Settlement is expected on Sept. 22 for tenders received via any method.

According to the announcement of the offer on Sept. 13, the offer will enable Santander to optimize its capital and funding structure in line with the evolving environment.

The dealer managers for the offer are J.P. Morgan Securities plc (866 834-4666, +44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442).

Lucid Issuer Services Ltd. is the information and tender agent (+44 20 7704 0880, santander@lucid-is.com, https://deals.lucid-is.com/santander).

Santander UK is a London-based financial services company.

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