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Santander Holdings USA completes exchange offer

Boston-based Santander Holdings USA Inc. on March 7 completed its exchange offer, pursuant to which the bank accepted for exchange approximately $3.5 billion of senior debt.

Specifically, the bank accepted for exchange approximately $1.44 billion of its outstanding 3.700% senior notes due 2022, approximately $999.3 million of its outstanding 3.400% senior notes due 2023, and approximately $1.05 billion of its outstanding 4.400% senior notes due 2027.

In connection with the exchange offer, the bank entered into a 16th supplemental indenture with Deutsche Bank Trust Co. Americas as trustee.