Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 720

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 720
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4 October 2021, Banco Santander, S.A. issued subordinated debentures for a term of eleven years, with a redemption option on the sixth anniversary of the issue date, amounting to GBP 850million (EUR 887million at the exchange rate on the day of issue). The issue bears interest at an annual rate of 2.25%, payable annually for the first six years(then repricing at a margin of 165points over the 5-yearUK government bond). At 21 September 2021, Banco Santander, S.A. carried out a placement of preferential shares contingently convertible into newly issued ordinary shares of the Bank ('PPCC') for a nominal amount of EUR 1,000million (issue placed on the market EUR 997million). The issuance was carried out at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, was set at 3.625% per year for the first eight years, being reviewed every five yearsapplying a margin of 376basis points over the 5-yearMid-Swap Rate.

Annual report 2024 667

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

At 12 May 2021, Banco Santander, S.A. placed the issue of preference shares contingently convertible into newly issued ordinary shares of the Bank, previously announced, for a total nominal amount of EUR 1,578million, issued in a Series in Dollars of USD 1,000million (EUR 828million at the exchange rate on the day of issue) and a Series in Euros for an amount of EUR 750million. The issuance was carried out at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, was set (i) for the Series in Dollars at 4.750% per annum for the first six years, being revised every five yearsapplying a margin of 375.3basis points over the 5-yearUST rate and (ii) for the Series in Euros by 4.125% per annum for the first seven years, being revised every five yearsapplying a margin of 431.1basis points over the applicable 5-yeareuro mid-swap. At 3 December 2020, Banco Santander, S.A. issued subordinated debentures with a ten-year