Banco Santander SA (UK) (GB:BNC) has released an update.
Banco Santander S.A. is inviting holders of its €1.5 billion 4.75% perpetual preferred securities to tender their holdings for cash, concurrently announcing a new issuance of contingent convertible perpetual preferred securities totaling the same amount. These new securities will pay 7% annually for the first six years, subject to conditions, and may be converted into Santander ordinary shares if certain capital thresholds are not maintained. The offer, expiring on May 15, 2024, is part of the bank’s capital management strategy, with expectations to list the new securities on Euronext Dublin and finalize the tender offer by May 20, 2024.
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