SAN updates debt terms: maturity extended and SOFR spread adjusted
Rhea-AI Filing Summary
Banco Santander reported a contractual amendment dated August 29, 2025 that modifies the terms of an existing instrument. The instrument's maturity, previously 4 March 2026, is extended to 4 September 2030. The interest rate applicable from the next interest payment date (excluded), i.e., 4 September 2025, through the new maturity is changed from Compounded SOFR 6 months + 53.826 basis points to Compounded SOFR 6 months + 55.942 basis points. The report is signed by Pedro de Mingo Kaminouchi, Head of Corporate Compliance, on behalf of Banco Santander, S.A.
Positive
- Maturity extended from 4 March 2026 to 4 September 2030 as explicitly stated
- Interest rate formula retained as Compounded SOFR 6 months plus a specified spread (now 55.942 bps)
Negative
- Spread increased from 53.826 basis points to 55.942 basis points effective 4 September 2025
- Filing lacks size and covenant details such as principal amount or other term amendments (not disclosed in this report)
Insights
TL;DR: Maturity extension to 2030 and a modest coupon pickup announced; alters near-term refinancing and interest expense timing.
The amendment explicitly extends the instrument's maturity from March 4, 2026 to September 4, 2030 and increases the spread over Compounded SOFR for the period starting September 4, 2025 from 53.826 basis points to 55.942 basis points. This is a clear contractual change to tenor and coupon. The magnitude of the spread increase is small in absolute terms but will affect interest payments from the specified effective date through the new maturity. The filing provides no information on principal amount, covenants, or whether other terms were amended.
TL;DR: Formal notice of amendment filed; document is an official compliance disclosure of changed debt terms.
The document is a concise compliance disclosure signed by the Head of Corporate Compliance, confirming the extension of maturity and adjustment of the interest spread. It fulfils disclosure obligations by stating the new maturity date and the precise new spread formula. The filing does not include supplemental details such as impacted issuance identifiers, aggregate principal, or amendments to related covenants, so the compliance record is complete for these specific term changes but limited in scope.
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2025
Commission File Number: 001-12518
Banco Santander, S.A.
(Exact name of registrant as specified in its charter)
Ciudad Grupo Santander
28660 Boadilla del Monte (Madrid) Spain
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | X |
Form 40-F |
Banco Santander, S.A.
TABLE OF CONTENTS
Item |
|
| 1 | Report of Other Relevant Information dated August 29, 2025 |
Item 1
Banco Santander, S.A. (the “Issuer” or the “Bank”), in compliance with the Securities Market legislation, hereby communicates the following:
OTHER RELEVANT INFORMATION
In relation to the “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 (the “CNMV”) on 4 March 2021 (hereinafter, as amended on the 3rd May 2023, the “Issuance” or the “Series 4”)”, the Issuer has carried out a process to gather the consent of each and every investor of the Issuance for the purpose of: (i) extending the maturity of the Issuance, and accordingly, (ii) modifying the applicable interest rate which should be applicable from the next interest payment date (excluded) to the new maturity date (included).
In particular, once the consent of the holders representing 100% of the Issuance has been obtained, the following modifications have been made:
| - | the maturity date (previously being 4th March 2026) is extended up to the 4th September 2030; and |
| - | the interest rate (previously being Compounded SOFR 6 months plus 53.826 basis points) applicable from the next interest payment date (excluded), i.e., 4th September 2025, to the new maturity date is: Compounded SOFR 6 months plus 55.942 basis points. |
In everything not expressly described in the preceding paragraphs, the same terms and conditions that were established in the Final Conditions, prior to this modification, will still apply.
New Final Conditions applicable to Series 4 can be found on the CNMV website.
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), 29 August 2025
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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Banco Santander, S.A. | |||||
| Date: | August 29, 2025 | By: | /s/ Pedro de Mingo Kaminouchi | ||
| Name: | Pedro de Mingo Kaminouchi | ||||
| Title: | Head of Corporate Compliance | ||||
FAQ
What change to the maturity did Banco Santander (SAN) report?
When does the new interest rate become effective for the instrument?
What is the new interest rate formula reported by Banco Santander?
What was the previous spread over Compounded SOFR before this amendment?
Who signed the report on behalf of Banco Santander?
