SANTANDER UK PLC

Capital/Financing Update • Dec 18, 2020

National Storage Mechanism | Additional information

RNS Number : 2241J

Santander UK Plc

18 December 2020

Notice to Covered Bondholders

Santander UK plc

18 December 2020

SANTANDER UK PLC

(incorporated with limited liability in England and Wales registered number 02294747)

(the Issuer)

2 Triton Square

Regent's Place

London NW1 3AN

NOTICE OF PRICING TERMS

to the holders of:

Series of Covered Bonds	Issue Date
Series 42 £75,000,000 Floating Rate Covered Bonds due 23 March 2027 (ISIN: XS0761325009) (the Series 42 Covered Bonds)	23 March 2012
Series 66 £1,000,000,000 Floating Rate Covered Bonds due 16 November 2022 (ISIN: XS1719070390) (the Series 66 Covered Bonds)	16 November 2017

in each case unconditionally and irrevocably guaranteed as to payments of interest and principal by Abbey Covered Bonds LLP under the €35 billion Global Covered Bond Programme

(together, the Covered Bonds and each a Series of Covered Bonds)

Further to the Issuer's announcement earlier today, the Issuer hereby announces that:

(a)        in respect of the Series 42 Covered Bonds, with effect from 23 December 2020:

i.    the LIBOR vs SONIA Interpolated Basis (as calculated by the Solicitation Agents at the Pricing Time) is 0.096 per cent.;

ii.    the Forward Start Adjustment is 0.0005 per cent.; and

iii.   the New Margin is:

A.       in respect of the period from and including 23 December 2020 to but excluding the Final Maturity Date (being 23 March 2027), 2.0465 per cent. (being the aggregate of (A) the original Margin of 1.95 per cent. per annum to but excluding the Final Maturity Date, (B) the applicable LIBOR vs SONIA Interpolated Basis and (C) the applicable Forward Start Adjustment); and

B.       in respect of the period from and including the Final Maturity Date to but excluding the Extended Due for Payment Date (being 23 March 2028), 2.0965 per cent. (being the aggregate of (A) the original Margin of 2.00 per cent. per annum from and including the Final Maturity Date to but excluding the Extended Due for Payment Date, (B) the applicable LIBOR vs SONIA Interpolated Basis and (C) the applicable Forward Start Adjustment);

(b)        in respect of the Series 66 Covered Bonds, with effect from 16 February 2021:

i.    the LIBOR vs SONIA Interpolated Basis (as calculated by the Solicitation Agents at the Pricing Time) is 0.039 per cent.;

ii.    the Forward Start Adjustment is 0.0045 per cent.; and

iii.   the New Margin is:

A.       in respect of the period from and including 16 February 2021 to but excluding the Final Maturity Date (being 16 November 2022), 0.2735 per cent. (being the aggregate of (A) the original Margin of 0.23 per cent. per annum to but excluding the Final Maturity Date, (B) the applicable LIBOR vs SONIA Interpolated Basis and (C) the applicable Forward Start Adjustment); and

B.       in respect of the period from and including the Final Maturity Date to but excluding the Extended Due for Payment Date (being 16 November 2023), 0.2735 per cent. (being the aggregate of (A) the original Margin of 0.23 per cent. per month from and including the Final Maturity Date to but excluding the Extended Due for Payment Date, (B) applicable the LIBOR vs SONIA Interpolated Basis and (C) the applicable Forward Start Adjustment);

The Issuer will shortly arrange execution and delivery of (i) the Amended and Restated Final Terms; (ii) the Amended and Restated Term Advance Notice; (iii) the Supplemental Trust Deed; and (iv) the Supplemental Agency Agreement, in each case in respect of each Series, and each of which will be made available on the website of the Issuer at https://www.santander.co.uk/about-santander/investor-relations/santander-uk-covered-bonds.  

Capitalised terms used but not defined herein shall have the meanings set out in the Notice of Meeting with respect to the Series 42 Covered Bonds and the Notice of Meeting with respect to the Series 66 Covered Bonds, as applicable, each dated 26 November 2020, and the Consent Solicitation Memorandum of the Issuer dated 26 November 2020.

Disclaimer - Intended Addressees

Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Consent Solicitation Memorandum) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the relevant Consent Solicitation Memorandum is not addressed. Prior to relying on the information contained in the Consent Solicitation Memorandum you must ascertain from the Consent Solicitation Memorandum whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

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