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Santander Announces a Cash Tender Offer for Abbey National plc's 7.95% Term Subordinated Securities due October 26, 2029.

Publication: PR Newswire
Publication Date: 25-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
MADRID, Aug. 25 /PRNewswire/ -- Banco Santander ("Santander") today announced the commencement of a cash tender offer (the "Tender Offer") by its wholly-owned finance subsidiary Santander Financial Exchanges Limited, (the "Company") for any and all of the outstanding 7.95% Term Subordinated Securities due October 26, 2029 of Abbey National plc originally issued in 1999 (the "Notes"). The Tender Offer will expire at 5:00 p.m., New York City time on September 1, 2009, unless extended.

The Company will pay holders $1,000 per $1,000 principal amount of Notes, plus accrued and unpaid interest to but not including the payment date. Payment is expected to be made on the third business day following the expiration of the tender offer.

Additional terms and conditions of the Tender Offer are contained in the Offer to Purchase dated August 25, 2009, and the related Letter of Transmittal, that is being sent to holders of the Notes. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Information Agent for the Tender Offer, Global Bondholder Services Corporation, at (866) 540-1500...

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