Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 33

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 33
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 be widely used in debt securities similar to the 2030 Floating Rate Notes, the trading price of the 2030
Floating Rate Notes may be lower than that of comparable debt securities linked to rates that are more widely used. Investors in the 2030 Floating Rate Notes may not be able to sell such 2030 Floating Rate Notes at all or may not be able to sell
such 2030 Floating Rate Notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. Further, investors wishing to sell the 2030 Floating Rate Notes in the secondary market will have
to make assumptions as to the future performance of SOFR during the Interest Period in which they intend the sale to take place. As a result, investors may suffer from increased pricing volatility and market risk.

S-18

USE OF PROCEEDS

The net proceeds from the sale of the Notes are expected to amount to approximately $2.79 billion, after the deduction of the
underwriting discount stated on the cover of this prospectus supplement and expenses incurred in connection with this offering (estimated to be an aggregate of approximately $1.5 million). Additionally, the Underwriters have agreed to reimburse
us for approximately $0.3 million of such expenses.

We intend to use the net proceeds from the sale of the Notes for general
corporate purposes.

S-19

SECURED OVERNIGHT FINANCING RATE

The Secured Overnight Financing Rate is published by the New York Federal Reserve and is intended to be a broad measure of the cost of
borrowing cash overnight collateralized by U.S. Treasury securities. The New York Federal Reserve reports that the Secured Overnight Financing Rate includes all trades in the Broad General Collateral Rate (as defined by the New York Federal
Reserve), plus bilateral U.S. Treasury repo transactions cleared through the delivery-versus-payment service offered by the Fixed Income Clearing Corporation (the “FICC”), a subsidiary of DTC. The Secured Overnight Financing Rate is
filtered by the New York Federal Reserve to remove a portion of the foregoing transactions considered to be “specials.” According to the New York Federal Reserve, “specials” are repos for specific-issue collateral, which take
place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular security.

The New York Federal Reserve reports that the Secured Overnight Financing Rate is calculated as a volume-weighted median of transaction-level