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News Apr 27, 2017

Shearman & Sterling Advises on Banco Santander S.A.’s $2.5 Billion Registered Debt Offering

Shearman & Sterling advised BofA Merrill Lynch, Credit Suisse, Santander and Wells Fargo Securities as joint bookrunners, in connection with an aggregate principal  amount of $2.5 billion registered debt offering by Banco Santander S.A.  through three tranches of notes: $1 billion 3.500% second ranking senior debt securities due 2022, $1 billion 4.250% second ranking senior debt securities due 2027 and $500 million second ranking senior floating rate debt securities due 2022. Banco Santander intends to use the proceeds from the offering to improve its Total Loss Absorbing Capacity ratios and for general corporate purposes.  

Banco Santander was established in 1875 in Spain and is the parent bank of Grupo Santander. At December 31, 2016, Banco Santander had a market capitalization of €72.3 billion, stockholders’ equity of €90.9 billion and total assets of €1,339.1 billion. Banco Santander is a financial group operating principally in Spain, the United Kingdom, other European countries, Brazil and other Latin American countries and the United States, offering a wide range of financial products. In Latin America, Banco Santander has majority shareholdings in banks in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Uruguay.    

The Shearman & Sterling team was led by partners David Dixter (London-Capital Markets) and Stuart Fleischmann (New York-Capital Markets); counsels Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory) and Jeffrey Tate (Washington, DC-Tax); associates Naveen Pogula, Hillary Bailey (both New York-Capital Markets), Elena Dzhurova, Oscar Lopez, Minkyu Park (all London-Capital Markets), Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory) and Kammy Lai (Washington, DC-Tax).