Company: BCDRF
Filing Date: 2025-01-16
Form Type: 6-K
Source: 0000950103-25-000553
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-01-16
Form: 6-K
Chunk 1
---
 and all of the Notes    |

THE OFFER WILL COMMENCE ON 16 JANUARY 2025 AND WILL EXPIRE AT 5.00 P.M. (CET TIME) ON 22 JANUARY 2025 (THE "EXPIRATION TIME") UNLESS EXTENDED, WITHDRAWN, AMENDED OR TERMINATED AT THE SOLE AND ABSOLUTE DISCRETION OF THE OFFEROR.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 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.

The Notes may only be Offered for Sale
in multiples of GBP 100,000, being the minimum denomination of the Notes.

Rationale for the Offer

The rationale for the Offer is to optimise
the liquidity, debt maturity and TLAC/MREL instruments eligibility profile of the Offeror. Notes purchased by the Offeror pursuant to
the Offer will be cancelled and will not be re-issued or re-sold. Notes 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 any and
all Notes tendered pursuant to the Offer on the terms and subject to the conditions contained in the Tender Offer Memorandum. The acceptance
for purchase by the Offeror of Notes tendered pursuant to the Offer is at the sole discretion of the Offeror and Offer to Sell may be
rejected by the Offeror for any reason.

Purchase Price

The Purchase Price of the Notes will
be calculated by the Sole Dealer Manager at or around 1:00 p.m. (CET) (the “Pricing Time”) on 23 January 2025 (the
“Pricing Date”) in accordance with market convention as the price (expressed as a percentage of the nominal amount
of the Notes accepted for purchase pursuant to the Offer and rounded to the third decimal place, with 0.0005 being rounded upwards) equal