8-K filed December 19, 2023, 6:59 PM ET ticker SNUS-PI CIK 0000811830

debt confidence high sentiment neutral materiality 0.55

Santander Holdings USA issues $500M of 8.170% perpetual preferred stock to parent

Santander Holdings USA, Inc.

Issued 500,000 shares of Series G 8.170% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock to Banco Santander on Dec 19, 2023.
Liquidation preference $1,000/share; dividends quarterly at 8.170% until Dec 21, 2028, then 5-year Treasury + 4.360%.
No maturity; redeemable at company's option after Dec 21, 2028 or on regulatory capital event, subject to Fed approval.
Shares sold in private placement exempt from registration under Section 4(a)(2) of the Securities Act.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Santander Holdings USA, Inc.: Filed Articles of Amendment to add Series G Preferred Stock rights, preferences, and limitations to the Articles of Incorporation (effective 2023-12-19).

Change: charter amendment
Effective: 2023-12-19

Exact text from the filing

On December 15, 2023, in connection with the Purchase Agreement, the Company filed Articles of Amendment (the “Amendment”) with the Secretary of State of the Commonwealth of Virginia amending the Company’s existing Articles of Incorporation by adding to Article III the rights, preferences, privileges, qualifications, restrictions and limitations of the Company’s newly created Series G Preferred Stock, consisting of 500,000 authorized shares.

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Santander Holdings USA, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-298628

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