other material
confidence high
sentiment neutral
materiality 0.50
Santander Holdings issues $500M Series J preferred stock to parent BSSA
Santander Holdings USA, Inc.
- Issued 500,000 shares of Series J preferred at $1,000 liquidation preference ($500M total) to Banco Santander on Aug 27, 2026.
- Non-cumulative dividend rate 7.271% until Dec 21, 2031, then resets to 5-yr Treasury plus 2.979% quarterly.
- No maturity; redeemable at company's option on/after Dec 21, 2031 or within 90 days of a regulatory capital event, subject to Fed approval.
- Shares sold in private placement exempt under Section 4(a)(2); Articles of Amendment filed in Virginia creating 500,000 authorized Series J shares.
- BSSA has no right to require redemption; proceeds support capital without listing new series on NYSE.