Banco Santander seeks to amend interest basis for 2024 floaters

By Marisa Wong

Los Angeles, April 25 – Banco Santander, SA announced a consent solicitation for its $30 million floating-rate instruments due May 17, 2024 (ISIN: XS1820752308) issued under its €25 billion debt instrument program.

The issuer is seeking holder consent to amendments to the terms and conditions of the instruments in order to (i) apply compounded daily SOFR with observation period shift plus the margin and the spread adjustment as the interest basis applying as of the interest period beginning on (but excluding) May 17 and (ii) include new fallbacks for SOFR.

The deadline for submitting consent instructions is 11 a.m. ET on May 5.

Holders will vote on the resolution to amend the bonds at a meeting scheduled for 5 a.m. ET on May 10.

The consent solicitation agent is Banco Santander, SA (LiabilityManagement@gruposantander.com).

The tabulation agent is Kroll Issuer Services Ltd. (attn.: Arlind Bytyqi; +44 20 7704 0880; santander@is.kroll.com; https://deals.is.kroll.com/santander).

The financial services company is based in Madrid.

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