We advised Banco Santander on its SEC-registered offering of contingent convertible securities

Davis Polk advised Banco Santander, S.A. in connection with its SEC-registered offering of $1.15 billion aggregate liquidation preference of Series 13 9.625% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities and $1.35 billion aggregate liquidation preference of Series 14 9.625% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities.

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partner Pedro J. Bermeo and associates Jose Lucena-Rebollo and Michael Schuster. The tax team included counsel Alon Gurfinkel and associate Kelli A. Rivers. Counsel Leon E. Salkin provided 1940 Act advice. Members of the Davis Polk team are based in the New York, Madrid and London offices.

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