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Santander Unit To Swap €500M Notes
The consumer finance unit of Banco Santander is planning to swap subordinated bonds for senior debt.
The consumer finance unit ofBanco Santanderis planning to swap subordinated bonds for senior debt,The Wall Street Journalreports. The subordinate notes worth about €500 million will be due on Sept. 28, 2016.
The notes will be replaced with non-subordinate notes, maturing on the same date. The new notes will carry a coupon of three-month Euribor plus 160 basis points.
Click here for the story fromThe Wall Street Journal.