Company: BCDRF
Filing Date: 2025-06-24
Form Type: 6-K
Source: 0000950103-25-007750
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-06-24
Form: 6-K
Chunk 1
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 reviewed every five years thereafter by applying a margin of 381.9 basis points
on the applicable 5-year Mid-Swap Rate. Once issued, the New Preferred Securities will be eligible as additional tier 1 capital of Santander.
The New Preferred Securities are perpetual, but they may be called under certain circumstances and would be converted into newly issued
ordinary shares of Santander if the common equity tier 1 (CET1) ratio of Santander or its consolidated group were to fall below 5.125%.
As at 31 March 2025, the consolidated CET1 ratio of Santander was 12.9%.

Likewise, Santander announces that
it will request the admission to listing of the New Preferred Securities on the Global Exchange Market of Euronext Dublin; and that, as
of today, the report of the directors of Santander concerning the basis and rules for the conversion of the New Preferred Securities and
the exclusion of pre-emptive subscription rights will be available on Santander’s website (www.santander.com). The aforementioned
report will also be provided to the shareholders at the first general shareholders’ meeting to be held.

With regard to the Offer, the Offeror
reserves the right, in its sole and absolute discretion and for any reason, to decrease the Maximum Acceptance Amount. The Offeror will
announce the final Acceptance Amount together with the results of the Offer.

The Offer commenced on 24 June 2025
and will expire at 5.00 p.m. (CET) on 30 June 2025. Settlement of the Offer is expected to take place on 2 July 2025, unless extended,
withdrawn, amended or terminated by the Offeror in accordance with the Tender Offer Memorandum. The settlement of the issue of New Preferred
Securities is expected to take place on 2 July 2025.

The Offer is being 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.

Banco Santander, S.A and Santader US Capital Markets LLC are acting as Dealer Managers for the Offer and Kroll Issuer Services Limited is acting as Tender Agent. For detailed terms of the Offer please refer to the Tender Offer Memorandum which (subject to offer and distribution restrictions