Santander UK begins capped tender offer for fixed-rate notes due 2025

Chicago, June 14 – Santander UK plc started a tender offer for its €619,484,000 outstanding fixed-rate notes due March 10, 2025 (ISIN: XS1199439222), according to a notice.

Pricing will be determined using the interpolated mid-swap rate and a spread of 15 basis points. The purchase price will be determined at 9 a.m. ET on June 21. Santander will also pay accrued interest.

The issuer will set an acceptance amount. If the total amount tendered exceeds the offer cap, notes will be accepted for purchase on a pro rata basis.

The tender deadline is 11 a.m. ET on June 18.

The indicative results will be announced before pricing on June 21 with final results and additional details announced after pricing.

Settlement is expected for June 22.

Banco Santander, SA (+44 7418 709 688, +44 7742 403 679, tommaso.grospietro@santandercib.co.uk, adam.crocker@santandercib.co.uk) and J.P. Morgan Securities plc (+44 20 7134 2468, iability_management_EMEA@jpmorgan.com) are acting as dealer managers for the offer, and Lucid Issuer Services Ltd. (+44 20 7704 0880; Attn: Oliver Slyfield, santander@lucid-is.com) is acting as tender agent.

Santander UK is a London-based financial services company.

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