Banco Santander (SAN) accepts $701.6M tender of $850M preferred offering
Rhea-AI Filing Summary
Banco Santander, S.A. amended its Schedule TO to report results of the tender offer to purchase up to $850,000,000 aggregate principal amount of its 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities.
According to the amendment, $701,600,000 aggregate principal amount were validly tendered and accepted without proration. The amendment states the offer expired at 5:00 p.m. New York City time on June 9, 2026, and the Settlement Date is expected to be June 11, 2026.
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Key Figures
Offer capacity: $850,000,000
Accepted principal amount: $701,600,000
Expiration deadline: June 9, 2026
+1 more
4 metrics
Offer capacity
$850,000,000
maximum aggregate principal amount sought in the Offer (Offer to Purchase)
Accepted principal amount
$701,600,000
aggregate principal amount validly tendered and accepted (Expiration Deadline June 9, 2026)
Expiration deadline
June 9, 2026
Offer expired at 5:00 p.m., New York City time
Expected Settlement Date
June 11, 2026
Settlement Date as stated in the amendment
Key Terms
Schedule TO, Contingent Convertible, proration
3 terms
Schedule TO regulatory
"This Amendment amends and supplements the tender offer statement on Schedule TO filed on May 27, 2026"
A phrase indicating that a company plans or intends to hold an event, publish information, or take an action at a specified future time, but that the timing is not guaranteed and may change. For investors it signals an expected milestone—like an earnings call, product launch, or filing—so think of it as a calendar note rather than a firm promise; timing shifts can affect trading, expectations, and planning.
Contingent Convertible financial
"4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities"
proration financial
"Banco Santander has accepted all Securities that were validly tendered and not validly withdrawn prior to the Expiration Deadline, without proration"
Proration is the method of dividing a limited quantity—such as shares in an offering, dividends, or rights—among claimants when demand exceeds supply, so each participant receives a proportional slice rather than the full amount requested. It matters to investors because proration determines how many shares or what portion of a payout they actually receive, which affects portfolio size, cash needs, and the expected return; think of it as splitting a pie fairly when more people want a piece than there are slices.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What amount did Banco Santander seek in the tender offer (SAN)?
Banco Santander sought to purchase up to $850,000,000 aggregate principal amount of its specified preferred Tier 1 securities, as stated in the Schedule TO and Offer to Purchase dated May 27, 2026.
How much principal amount was validly tendered and accepted?
The amendment reports that $701,600,000 aggregate principal amount were validly tendered and not validly withdrawn and that Banco Santander accepted all such tendered securities without proration.
When did the tender offer expire and what is the Settlement Date?
The Offer expired at 5:00 p.m., New York City time, on June 9, 2026. The amendment states the Settlement Date is expected to be June 11, 2026.
Where can I find the press release with final results?
A press release announcing the final results dated June 10, 2026 is filed as Exhibit (a)(5)(ii) to the Schedule TO and is incorporated by reference into the amendment.
Which security was the subject of the tender offer?
The Offer related to the 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (CUSIP 05971K AH2, ISIN US05971KAH23), as identified on the cover of the amendment.