Banco Santander’s $1 Billion and €750 Million Tier 1 Capital Securities Offerings

Davis Polk advised Banco Santander, S.A. in the offerings.

Banco Santander, S.A. executed its SEC-registered offering of $1 billion aggregate liquidation preference of 4.750% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities and €750 million aggregate liquidation preference of 4.125% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities. 

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the Eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partners Nicholas A. Kronfeld (Picture) and Pedro J. Bermeo and associates Jose Lucena-Rebollo and Michael McGuire. The tax team included counsel Alon Gurfinkel and associates Veronica Davis and Summer Xia. Associate Leon E. Salkin provided 1940 Act advice. 

Involved fees earner: Pedro Bermeo – Davis Polk & Wardwell; Veronica Davis – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Nicholas Kronfeld – Davis Polk & Wardwell; Jose Lucena-Rebollo – Davis Polk & Wardwell; Michael McGuire – Davis Polk & Wardwell; Leon Salkin – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Santander;

Author: Martina Bellini