Santander Bank NA priced its cash tender offer for 8.750% subordinated notes at $1,043.91 per $1,000 principal amount of notes, plus accrued and unpaid distributions.
The notes have an outstanding principal amount of $500 million.
The pricing is based on a reference U.S. treasury security and the Oct. 18 payment date. Barclays Capital Inc. serves as the offer's dealer manager; D.F. King & Co. Inc. is tender agent and information agent.
Boston-based Santander Bank is a subsidiary of Santander Holdings USA Inc.