Santander UK begins tender offer for €1 billion senior notes due 2023

By Mary-Katherine Stinson

Lexington, Ky., June 27 – Santander UK Group Holdings plc launched a tender offer for any and all of its €1 billion 1.125% senior notes due Sept. 8, 2023 (ISIN: XS1487315860) on Monday, according to a notice.

Pricing will be determined on or around 6 a.m. ET on July 5 based on the purchase spread of 60 basis points and the interpolated mid-swap rate. The price is intended to reflect a make whole premium minus accrued interest.

Accrued interest will be paid on notes accepted for purchase.

The offer expires at 11 a.m. ET on July 4.

Settlement is expected on July 6.

Tender instructions are irrevocable except in limited circumstances.

Banco Santander, SA (+44 7418 709 688, +44 7708 315 191; Tommaso.GrosPietro@gruposantander.com, Alex.Pilkington@gruposantander.com) and NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com) are acting as dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; santander@is.kroll.com, https://deals.is.kroll.com/santander) is the tender agent.

Santander UK is a London-based financial services company.

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