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MADRID - Banco Santander announced Monday its decision to exercise the optional early redemption of all outstanding 4.375% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities. The Spanish banking giant will redeem the bonds with ISIN code XS2102912966 on January 14, 2026, according to a regulatory filing.
The redemption affects securities with an outstanding nominal value of €1.03 billion that are currently traded on the Global Exchange Market of the Irish Stock Exchange.
The bank confirmed it has received authorization from the European Central Bank to proceed with the early redemption, which will occur on the first optional redemption window on the sixth anniversary of the issuance.
Holders of the contingent convertible bonds, commonly known as CoCos, will receive the outstanding nominal value plus any accrued and unpaid distributions up to January 14, 2026. The Principal Paying Agent will handle payments to bondholders in accordance with the terms and conditions outlined in the original offering circular dated January 10, 2020.
Santander stated that its decision to exercise the early redemption option is irrevocable. The bank is notifying bondholders through this announcement and other required notices as specified in the securities' terms and conditions.
The announcement was made in compliance with securities market legislation as inside information, according to the bank's statement.
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