Banco Santander SA (UK) (GB:BNC) has released an update.
Banco Santander S.A. has initiated an offer to repurchase its €1.5 billion 4.75% Preferred Tier 1 Securities for cash, with the repurchased securities set to be cancelled and not re-issued. The offer is contingent on a new financing condition, which involves the issuance of a new series of similar securities, and is subject to regulatory laws and conditions outlined in the tender offer memorandum. The offer, which began on May 7, 2024, will run until May 15, with possible priority in allocation given to holders who subscribe for the new securities in addition to tendering their existing ones.
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