Santander UK launches any-and-all tender offers for five securities

By Marisa Wong

Los Angeles, March 6 – Santander UK Group Holdings plc and Santander UK plc announced it has begun offers to purchase for cash any and all of its outstanding securities from five series, according to multiple press releases.

The any-and-all offers cover the following series:

• $724,981,000 outstanding 4.75% dated subordinated notes due 2025 (ISIN: XS1291333760, US80281LAA35) issued by Santander UK Group, with pricing to be based on the 4.625% U.S. Treasury due Feb. 28, 2025 and a fixed spread of 115 basis points;

• $400 million outstanding 5.625% dated subordinated notes due 2045 (ISIN: XS1291352711, US80281LAB18) issued by Santander UK Group, with pricing to be based on the 3.875% U.S. Treasury due Feb. 15, 2043 and a fixed spread of 245 bps;

• $214,174,000 outstanding 7.95% term subordinated securities due 2029 (ISIN: US002920AC09) issued by Santander UK plc, with pricing to be based on the 4% U.S. Treasury due Feb. 29, 2028 and a fixed spread of 250 bps;

• £21,844,000 outstanding 6.5% subordinated notes due 2030 (ISIN: XS0103012893) issued by Santander UK plc, with pricing to be based on the 0.375% Gilt due Oct. 22, 2030 and a fixed spread of 190 bps; and

• £14,366,000 outstanding 30-year step-up perpetual callable subordinated notes (ISIN: XS0117973429) issued by Santander UK plc, with pricing to be based on the 0.375% Gilt due Oct. 22, 2030 and a fixed spread of 190 bps.

The company will also pay accrued interest to but excluding the settlement date.

Pricing will be determined at 10 a.m. ET on March 10.

Each of the offers will expire at 5 p.m. ET on March 10. Tenders may be withdrawn prior to the expiration time.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET March 14.

Settlement, including settlement of tenders under guaranteed delivery procedures, is expected to occur on March 15.

The dealer managers are J.P. Morgan Securities LLC with respect to the offers for the dollar-denominated securities and J.P. Morgan Securities plc with respect to the offers for the sterling-denominated securities (212 834-4045, 866 834-4666, +44 20 7134 2468; liability_management_EMEA@jpmorgan.com); Santander US Capital Markets LLC (212 940-1442 or 855 404-3636; USDCMLM@santander.us) and Wells Fargo Securities, LLC (704 410-4756, 866 309-6316 or +44 203 942 9680; LiabilityManagement@wellsfargo.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; santander@is.kroll.com; https://deals.is.kroll.com/Santander) is the tender and information agent.

Santander UK is a London-based financial services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.