Santander announces pricing of private placement of senior notes

Santander Bank last week priced its previously announced private placement offering of senior unsecured notes consisting of $750 million aggregate principal of 2 percent and $250 million with an aggregate principal amount of floating rate notes, both due in 2018.
The floating rate notes’ interest rate will be 93 basis points above the three-month London Interbank Offered Rate, reset quarterly, according to a Jan. 7 press release.
“The notes will be the obligation solely of the Bank and will not be an obligation of, or otherwise guaranteed, by any affiliate of the bank, including its parent company, SHUSA (Santander Holdings U.S.A.),” according to the release.
Santander intends to use the proceeds from the offering for “general corporate purpose,” including refinancing, reduction or repayment of debt, like repaying outstanding loans from the Federal Home Loan Bank, according to the release.

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