Banco Santander calls contingent convertible perpetual preferreds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 13 – Banco Santander SA will exercise its optional early redemption right for all its $1.2 billion outstanding non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities (ISIN: XS1951093894) traded on the Irish Stock Exchange, according to a 6-K filing with the Securities and Exchange Commission.

The redemption will be carried out on the distribution payment date falling on Feb. 8.

The early redemption price will be equal to the outstanding nominal value, or liquidation preference, of each security plus any accrued distribution.

The banking services company is based in Madrid.

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