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Santander Bank offers to buy back 8.750% sub debt

Santander Bank NA is commencing a cash tender offer for its 8.750% subordinated notes, which have an outstanding principal amount of $500.0 million.

The offer expires at 5:00 p.m. ET on Oct. 17. Payment for tendered notes is expected to be delivered Oct. 20.

The Boston-based bank will retire all or some of the notes prior to their May 31, 2018, maturity.