MADRID – Banco Santander (BME:) S.A. has announced its decision to proceed with the optional early redemption of its contingent convertible securities (CoCos) on the first available date, March 19, 2025. The redemption will cover all outstanding CoCos, which have a nominal value of €187.6 million and are currently traded on the Global Exchange Market of the Irish Stock Exchange.
The bank’s move to redeem these preferred tier 1 securities, which carry a 4.75% interest rate, has received authorization from the European Central Bank. The redemption will coincide with the seventh anniversary of the issuance of these securities, as per the terms and conditions outlined in the offering circular dated March 13, 2018.
Holders of the CoCos will receive the redemption price equal to the outstanding nominal value of each security plus any accrued and unpaid distribution up to, but excluding, the redemption date. The payment will be made by the Principal Paying Agent in accordance with the terms outlined in the prospectus.
This action by Banco Santander follows the necessary regulatory and procedural steps, including informing holders through the required notices within the specified timeframe.
This announcement is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities. The information is based on a press release statement.
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