Santander UK Group Holdings’ $1.5 Billion Debt Offering

August 5, 2016

Cleary Gottlieb represented Santander UK Group Holdings plc in its offering of $1.5 billion 2.875 percent notes due 2021.

The notes include provisions to reflect the “bail-in” power under the UK Banking Act. The offering, the third takedown off of the issuer’s automatic shelf registration statement filed on October 9, 2015, and one of the first dollar-denominated bonds issued by a UK bank following the referendum on EU membership, closed on August 5, 2016.

Santander UK is a major financial services provider in the UK, operating across a wide range of personal and corporate banking products and services. Santander UK Group Holdings is the holding company of Santander UK and its subsidiaries.