Banco Santander S.A. Perpetual Preferred Securities: rate replacement (8204M)
September 18 2023 - 12:14PM
UK Regulatory
TIDMBNC
RNS Number : 8204M
Banco Santander S.A.
18 September 2023
Banco Santander, S.A. (the "Issuer" or "Banco Santander"), in
compliance with the Securities Market legislation, hereby
communicates the following:
other relevant information
Further to the relevant U.S. dollar LIBOR discontinuation on 30
June 2023, Banco Santander announces, in relation to its USD
1,200,000,000 Non-Step-Up Non-Cumulative Contingent Convertible
Perpetual Preferred Tier 1 Securities (ISIN code XS1951093894) (the
"Preferred Securities") that, in accordance with the terms of the
Preferred Securities of the relevant prospectus dated 7 February
2019 (the "Terms and Conditions"), and in particular pursuant to
its Condition 3, it has determined that for any applicable Reset
Date, the industry-accepted substituted or successor rate for the
5-year Mid-Swap Rate in connection with the floating leg portion of
its calculation that will apply shall be the relevant USD SOFR
Spread-Adjusted ICE Swap Rate published by the ICE Benchmark
Administration (the "SOFR Spread-Adjusted ICE Swap Rate").
For these purposes, as contemplated in the Terms and Conditions,
Banco Santander will, in any applicable Reset Date, conduct a
dealer poll for obtaining the 5-year Mid-Swap Rate Quotations
(based on the SOFR Spread-Adjusted ICE Swap Rate) and the Agent
Bank will subsequently determine the Reset Reference Bank Rate as
of the specified date and time, in accordance with the Terms and
Conditions.
Nothing in this notice affects the right of Banco Santander to
early redeem the Preferred Securities, which is subject in any
event to the Terms and Conditions and the prior authorisation
required from the European Central Bank.
Capitalized terms used and not otherwise defined herein shall
have the meaning assigned to them under the Terms and
Conditions.
The foregoing is hereby disclosed as other relevant information
for all relevant purposes.
Boadilla del Monte (Madrid), 18 September 2023
IMPORTANT INFORMATION
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END
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