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Santander Holdings USA, Inc. Announces Early Tender Results

BOSTON, Oct. 18, 2012 /PRNewswire/ -- Santander Holdings USA, Inc. ("SHUSA"), a wholly owned indirect subsidiary of Banco Santander, S.A., today announced that as of 5:00 p.m., New York City time, on October 17, 2012 (the "Early Tender Time"), an aggregate liquidation amount of approximately $164.0 million of its outstanding Sovereign Capital Trust VI 7.908% Capital Securities (the "Capital Securities"), representing approximately 68.4% of the outstanding aggregate liquidation amount of such securities not owned by SHUSA, had been tendered (and had not been validly withdrawn) under the previously announced cash tender offer for the Capital Securities.

SHUSA expects to accept and make payment today for all of the Capital Securities that were validly tendered and not validly withdrawn on or prior to the Early Tender Time. Holders of Capital Securities who validly tendered (and did not validly withdraw) such securities at or before the Early Tender Time are eligible to receive $1,050 per $1,000 liquidation amount of Capital Securities tendered, and accrued and unpaid interest thereon.

The tender offer will expire at 11:59 p.m. ( New York City time) on October 31, 2012, unless the tender offer is earlier terminated or extended (as may be extended, the "Expiration Time").  The tender offer is being made exclusively to holders of the Capital Securities pursuant to an offer to purchase dated October 3, 2012 (as it may be amended, the "Offer to Purchase") and a related letter of transmittal dated October 3, 2012 (as it may be amended, the "Letter of Transmittal"), which sets forth the terms and conditions of the tender offer.

Holders who have not already tendered all of their Capital Securities may still tender such securities at any time at or before the Expiration Time.  Holders who tender their Capital Securities after the Early Tender Time but at or before the Expiration Time will receive $1,000 per $1,000 liquidation amount of Capital Securities tendered, plus accrued and unpaid interest thereon.  There are no withdrawal rights with respect to the tender of Capital Securities after the Early Tender Time, except as may be required by law.  SHUSA expects to accept for purchase, promptly following the Expiration Time, all Capital Securities tendered after the Early Tender Time but at or before the Expiration Time, subject to the terms and conditions described in the Offer to Purchase.

J.P. Morgan Securities LLC is serving as dealer manager and D.F. King & Co., Inc. is serving as the tender agent and information agent for the tender offer.  Questions regarding the tender offer may be directed to J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4811 (collect).  Requests for the tender offer documents may be directed to D.F. King & Co., Inc. at the following telephone numbers:  banks and brokers, (212) 269-5550; all others toll free at (800) 967-7921.

This press release is neither an offer to purchase nor a solicitation to buy any of the Capital Securities, nor is it a solicitation for acceptance of the tender offer.  SHUSA is making the tender offer only by, and pursuant to the terms of, the Offer to Purchase and the Letter of Transmittal.  The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.  None of SHUSA or its affiliates, the dealer manager, the tender agent or the information agent is making any recommendation as to whether or not holders should tender their Capital Securities in connection with the tender offer.

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