We advised Banco Santander on its tender offer for contingent convertible perpetual securities

Davis Polk advised Banco Santander, S.A. in connection with its cash tender offer for up to $850 million aggregate nominal amount of its outstanding 4.750% non-step-up non-cumulative contingent convertible perpetual preferred Additional Tier 1 (AT1) securities.

Headquartered in Madrid, Banco Santander is a leading 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, counsel Lourenço Lopes-Sabino and associate Diego Tomas Jimenez Juri. The tax team included partner Kara L. Mungovan, counsel Dustin Plotnick and associate Seth D. R. Cole. Members of the Davis Polk team are based in the New York and São Paulo offices.

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