REG - Banco Santander S.A. - Perpetual Preferred Securities: rate replacement

Banco Santander SAAnnouncement

18/09/2023 17:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230918:nRSR8204Ma&default-theme=true

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

Not a securities offer

This document and the information it contains does not constitute an offer to
sell nor the solicitation of an offer to buy any securities.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed
as suggesting that future performance, share price or results (including
earnings per share) will necessarily be the same or higher than in a previous
period.

Nothing in this document should be taken as a profit and loss forecast.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGPUPGBUPWGQR