Slaughter and May advised Santander UK - tender offers for capital securities

Slaughter and May advised Santander UK Group Holdings plc and Santander UK plc on its launch of tender offers for four series of outstanding capital securities issued by Santander UK plc and Abbey National Capital Trust I.

The capital securities tendered for had an aggregate principal amount outstanding of approximately £630 million, of which approximately £320 million will remain outstanding following settlement of the tender offers. The tender offers were made on 28 May 2015 and the results of the tender offers were announced on 9 June 2015.

Barclays, BofA Merrill Lynch, Morgan Stanley, Santander and UBS acted as dealer managers. Cleary Gottlieb Steen & Hamilton LLP advised Santander UK as to New York law.

David Hay Partner