Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007723
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 1
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1 Securities | XS2102912966 | €1,500,000,000             | 14 January 2026                | 100 per cent.  | Subject as set out herein, up to an aggregate nominal amount of the Preferred Securities expected to be equal to the aggregate nominal amount of the New Preferred Securities (as defined below). The Maximum Acceptance Amount will be announced as soon as practicable after the pricing of the New Preferred Securities, subject to the right of the Offeror to increase or decrease such amount in its sole and absolute discretion |

THE OFFER WILL COMMENCE ON 24 JUNE 2025 AND WILL EXPIRE AT 5.00 P.M. (CET TIME) ON 30 JUNE 2025 (THE "EXPIRATION TIME") UNLESS EXTENDED, WITHDRAWN, AMENDED OR TERMINATED AT THE SOLE AND ABSOLUTE DISCRETION OF THE OFFEROR.

THE DEADLINES SET BY ANY INTERMEDIARY OR CLEARING SYSTEM MAY BE EARLIER THAN THE ABOVE DEADLINE.

The Offer is made on the terms and subject
to the conditions (including the New Financing Condition) contained in the Tender Offer Memorandum and should be read in conjunction with
the Tender Offer Memorandum. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them
in the Tender Offer Memorandum.

The submission of a valid Tender Instruction
through the Clearing Systems will be irrevocable except in the limited circumstances in which the revocation of a Tender Instruction is
specifically permitted in accordance with the terms of the Offer.

Preferred Securities may only be Offered
for Sale in multiples of €200,000, being the liquidation preference of the Preferred Securities.

Rationale for the Offer

The rationale for the Offer is to efficiently
manage the Offeror’s Tier 1 capital position and optimise the liquidity and debt maturity profile of the Offeror. Preferred Securities
purchased by the Offeror pursuant to the Offer will be cancelled and will not be re-issued or re-sold. Preferred Securities which have
not been validly submitted and accepted for purchase pursuant to the Offer will remain outstanding.

Amount subject to the Offer

The Offeror proposes to accept Preferred
Securities for purchase up to the Maximum Acceptance Amount on the terms and subject to the conditions (including the satisfaction or
waiver of the New Financing Condition) contained in the Tender Offer Memorandum (although the Offeror reserves the right, in its