Last checked at 15 Jan 2020 12:36
NOTICE OF EARLY REDEMPTION
BANCO SANTANDER, S.A.
EUR 1,500,000,000 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities issued on 12 March 2014
ISIN: XS1043535092
MADRID, Spain, January 15, 2020 - Banco Santander, S.A. (the "Issuer") announces its decision to carry out the optional early redemption of all outstanding Series I/2014 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities, with a nominal value of EUR 100,000 each, with ISIN code XS1043535092 and common code 104353509, which are traded on the Global Exchange Market of the Irish Stock Exchange (the "CoCos").
The redemption of all of the outstanding CoCos, which has been authorised by the European Central Bank, will be carried out on the next payment date of the corresponding distribution falling on 12 March 2020 (the "Early Amortization Date"), pursuant to Conditions of the Preferred Securities of the relevant prospectus of the CoCos ("Offering Circular dated 6 March 2014") (the "Terms and Conditions"). The decision of the Issuer to exercise the optional early redemption right is irrevocable, and holders of the CoCos are being informed of the decision of the Issuer to exercise the optional early redemption right by means of this notice, and a material fact announcement published on 15 January 2020, in the form, within the required timeframe, and for the purposes set out in Conditions 6 and 11 of the Terms and Conditions.
The early redemption price, which will be equal to the outstanding nominal value (liquidation preference in the terminology of the prospectus) of each CoCo plus any accrued and unpaid distribution associated to each CoCo up to (but excluding) the Early Amortization Date, will be paid to the holders of the CoCos by the Principal Paying Agent, in accordance with the Terms and Conditions, on 12 March 2020.
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.