Banco Santander has decided to carry out the early and voluntary redemption of the entirety of an issuance of contingent convertible preferred shares ("'CoCos'"), as it has notified this Wednesday to the National Securities Market Commission (CNMV).
The nominal value of the "'CoCos'" subject to redemption, which are traded on the New York Stock Exchange, amounts to 298.4 million US dollars, equivalent to about 266.2 million euros.
The entity has detailed that this voluntary early redemption, which has the necessary authorization from the European Central Bank (ECB), will be executed on the first available optional date, which coincides with the upcoming November 12, the date set for the payment of the remuneration.
The bank has emphasized that the decision to exercise the early redemption option is irrevocable.
Regarding the economic terms, the amount of the early redemption will include the live nominal value of each share, to which an amount equivalent to the remuneration accrued until November 12, 2026, and still pending payment, will be added, which will be satisfied in accordance with what is established in the issuance documentation.