REG - Santander UK Plc - Tender Offer - Results

Banco Santander SAAnnouncement

21/09/2021 16:10

RNS Number : 5006M
  
Santander UK Plc
  
21 September 2021
  
 

Santander UK plc announces results of its Tender Offer
for its £275,000,000 30 Year Step-Up Perpetual Callable Subordinated Notes
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014, AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR")
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT
21 September 2021.Santander UK plc (the Offeror) announces today the results of its invitation to holders of its £275,000,000 30 Year Step-Up Perpetual Callable Subordinated Notes (ISIN: XS0117973429) (the Notes) to tender their Notes for purchase by the Offeror for cash (the Offer).
The Offer was announced on 13 September 2021 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 13 September 2021 (the Tender Offer Memorandum). Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 20 September 2021. As at the Expiration Deadline, the Offeror had received valid tenders of £224,404,000 in aggregate nominal amount of the Notes for purchase.
The Offeror announces that it has decided to accept for purchase all Notes validly tendered pursuant to the Offer.
Pricing for the Offer took place at 2.00 p.m. (London time) today.
A summary of the results of the Offer appears below:



Aggregate nominal amount of Notes accepted for purchase


Benchmark Security Rate


Purchase Spread


Purchase Yield


Purchase Price




£224,404,000


0.714 per cent.


250 bps


3.240 per cent.


129.977 per cent.



The Offeror will also pay an Accrued Interest Payment in respect of the Notes accepted for purchase pursuant to the Offer.
The expected Settlement Date for the Offer is 22 September 2021. Following settlement of the Offer, £27,868,000 in aggregate nominal amount of the Notes will remain outstanding.
Banco Santander, S.A. (Telephone: +44 7418 709 688 / +44 7742 403 679; Attention: Liability Management; Email: tommaso.grospietro@santandercib.co.uk / adam.crocker@santandercib.co.uk) and J.P. Morgan Securities plc (Telephone: +44 20 7134 2468; Attention: EMEA Liability Management Group; Email: liability_management_EMEA@jpmorgan.com) are acting as Dealer Managers for the Offer and Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Thomas Choquet / Illia Vyshenskyi; Email: santander@lucid-is.com) is acting as Tender Agent. 
This announcement is released by the Offeror and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of UK MAR, encompassing information relating to the Offer described above. For the purposes of UK MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended), this announcement is made by Tom Ranger, Treasurer at Santander UK plc.
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement.  The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.
 
 

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