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Santander UK accepts all £224.40 million tendered subordinated notes
Chicago, Sept. 21 – Santander UK plc provided results of its tender offer for its £275 million 30-year step-up perpetual callable subordinated notes (ISIN: XS0117973429), according to a notice.
As of the deadline of 11 a.m. ET on Sept. 20, noteholders tendered £224,404,000 of their notes, all of which will be accepted for purchase.
The company is paying a purchase price of 129.977, based on the 0.375% Gilt due October 2030 plus a purchase spread of 250 basis points.
Pricing was determined at 9 a.m. ET on Sept. 21.
Accrued interest will also be paid.
Banco Santander, SA, the parent company, held £223,764,000 of the notes and had announced its intention to tender its notes when the offer started Sept. 13.
After the offer settles on Sept. 22, there will be £27,868,000 of the notes outstanding.
Banco Santander, SA (+44 7418 709 688, +44 7742 403 679) and J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) are the dealer managers.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, santander@lucid-is.com).
Santander UK is a London-based financial services company.
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