By Lisa Kerner
Charlotte, N.C., Feb. 26 – Santander Holdings USA, Inc. issued a $1.5 billion floating-rate senior note due Aug. 22, 2017 to its parent Banco Santander, SA in a private placement on Feb. 22.
Interest is payable quarterly in arrears on Feb. 22, May 22, Aug. 22 and Nov. 22 at a floating rate equal to Libor plus 218 basis points per annum.
Proceeds will be used for general corporate purposes, according to an 8-K filing with the Securities and Exchange Commission.
Santander may, in its discretion, redeem or prepay the note, in whole or in part, at a price of 100% of the principal amount of the note to be redeemed or prepaid, plus interest, the filing stated.
Boston-based Santander Holdings USA is the parent company of Sovereign Bank. It is a subsidiary of Spain’s Banco Santander, SA.
| Issuer: | Santander Holdings USA, Inc.
|
| Issue: | Senior note
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| Amount: | $1.5 billion
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| Coupon: | Libor plus 218 bps, payable quarterly
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| Maturity: | Aug. 22, 2017
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| Purchaser: | Banco Santander, SA
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| Settlement: | Feb. 22
|
| Distribution: | Private placement
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