Cleary Gottlieb represented Santander UK Group Holdings plc in a Regulation S/Rule 144A offering of $1 billion 4.750 per cent, Dated Subordinated Notes due 2025 and $500 million 5.625 per cent, Dated Subordinated Notes due 2045 under its €30 billion Euro Medium Term Note Programme. The notes are intended to qualify as Tier 2 capital for applicable bank regulatory purposes. The offering closed on September 15, 2015.
Santander UK Group Holdings plc was established in 2014 as a new holding company for Santander UK, a major financial services provider in the UK, operating across a wide range of personal and corporate banking products and services. The issuance was the first offering under the company’s newly established EMTN Programme, on which Cleary Gottlieb also advised the company as to U.S. securities law and federal tax matters.