REG - Banco Santander S.A. - Covered Bonds: interest rate replacement

Banco Santander SAAnnouncement

03/05/2023 11:45

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RNS Number : 2871Y  Banco Santander S.A.  03 May 2023

 

Banco Santander, S.A. (the "Issuer" or the "Bank"), in compliance with the
Securities Market legislation, hereby communicates the following:

 

OTHER RELEVANT INFORMATION

 

Within the current interest rate benchmark reform framework, and in connection
with the two Bank issuances listed in Annex I of this notice (the
"Issuances"), the Issuer has carried out a process to gather the consent from
each and every investor of those Issuances for the purpose of: (i) replacing
the reference interest rate "USD LIBOR" currently applied to those Issuances
with the Secured Overnight Financing Rate - "SOFR", with the necessary
adjustments detailed below, following the recommendations published by the
Committee on Alternative Reference Rates ("ARRC"), and (ii) including the
relevant supplementary robust clauses ("fallbacks") in the documentation of
Issuances, given the possibility of a SOFR discontinuation.

 

In particular, the following modifications have been made to the Issuances:

 

-     With regard to Series 3, the current interest rate is replaced with
SOFR Compound 6 months (as defined in the Final Conditions attached) plus a
margin of 0.92826% payable semi-annually. Once the consent of 100% of the
holders has been received, the first interest payment date affected by the
modification will be 17(th) October, 2023.

 

-     With regard to Series 4, the current interest rate is replaced with
SOFR Compound 6 months (as defined in the Final Conditions attached) plus a
margin of 0.53826% payable semi-annually. Once the consent of 100% of the
holders has been received, the first interest payment date affected by the
modification will be 4(th) September, 2023.

 

New Final Conditions applicable to Series 3 and 4 are attached to this notice
as Annex II.

Likewise, it is hereby stated that all the necessary communications have been
made to the relevant bodies.

The foregoing is hereby disclosed as other relevant information for all
relevant purposes.

 

Boadilla del Monte (Madrid), 3 May 2023.

 

 

 

ANNEX I

 

 

-     "Issuance of Banco Santander, S.A. Internationalization Covered
Bonds Series 3 - April 2027" ("Emisión de Cédulas de Internacionalización
Banco Santander, S.A. Serie 3 - Abril 2027"), with ISIN code ES0413900657, for
an amount of three thousand eight hundred million dollars (USD 3,800,000,000),
whose Final Conditions were filed with the Spanish National Securities Market
Commission on 21 April 2020 (the "Series 3").

 

-     "Issuance of Banco Santander, S.A. Internationalization Covered
Bonds Series 4 - March 2026" ("Emisión de Cédulas de Internacionalización
Banco Santander, S.A. Serie 4 - Marzo 2026"), with ISIN code ES0413900707, for
an amount of one billion dolars (USD 1,000,000,000), whose Final Conditions
were filed with the Spanish National Securities Market Commission on 4 March
2021 (the "Series 4").

 

 

 

 

 

 

ANNEX II

 

New Final Conditions applicable to Series 3
(https://www.santander.com/content/dam/santander-com/es/documentos/cumplimiento/do-anexo-iii-ori-ccff-serie-3-ci-nuevo-indice.pdf)

New Final Conditions applicable to Series 4
(https://www.santander.com/content/dam/santander-com/es/documentos/cumplimiento/do-anexo-iii-ori-ccff-serie-4-ci-nuevo-indice.pdf)

 

 

 

 

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