Santander Finance Preferred, 10.5% Non-Cumul Guar Series 10 Preferred Stock
Ticker Symbol: STD-E CUSIP: E8683R144 Exchange: NYSE
SECURITY DESCRIPTION: Santander Finance Preferred S.A. Unipersonal, 10.5% Non-cumulative Guaranteed Series 10 Preferred Securities, guaranteed by Banco Santander S.A. (NYSE: STD), liquidation preference $25 per share, redeemable at the issuer's option on or after five years from the date of issue at $25 per share plus declared and unpaid dividends, and with no stated maturity. Noncumulative distributions of 10.5% ($2.625) per annum are paid quarterly on 3/29, 6/29, 9/29 & 12/29 to holders of record on the 15th calendar day prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The preferred's dividends will not be subject to Spanish taxation or withholding for U.S. holders (see page 18 of the propsectus). Dividends paid by the preference shares are eligible for the 15% tax rate on dividends under normal holding restrictions prior to 1/1/2011 but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page 99 of the prospectus for further information). In regards to payment of dividends and upon liquidation, the preferred shares rank junior to all liabilities of Santander Finance, equally with other preferreds and senior to the common shares of the company.
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