SEC Form SC 13D/A filed by Santander Consumer USA Holdings Inc. (Amendment)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
Santander Consumer USA Holdings Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
80283M 101
(CUSIP Number)
Gerard A. Chamberlain
Santander Holdings USA, Inc.
75 State Street
Boston, Massachusetts 02109
(617) 346-7200
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
January 27, 2022
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| CUSIP No. 80283M 101 |
| 1 |
NAME OF REPORTING PERSON
Banco Santander, S.A. | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | SOURCE OF FUNDS
AF and/or OO | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Spain | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
-0- | ||||
| 8 | SHARED VOTING POWER
305,901,557 | |||||
| 9 | SOLE DISPOSITIVE POWER
-0- | |||||
| 10 | SHARED DISPOSITIVE POWER
305,901,557 | |||||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
305,901,557 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
| 14 | TYPE OF REPORTING PERSON
CO | |||||
| 1 |
NAME OF REPORTING PERSON
Santander Holdings USA, Inc. | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | SOURCE OF FUNDS
WC and/or OO | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐ | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
-0- | ||||
| 8 | SHARED VOTING POWER
305,901,557 | |||||
| 9 | SOLE DISPOSITIVE POWER
-0- | |||||
| 10 | SHARED DISPOSITIVE POWER
305,901,557 | |||||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
305,901,557 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐ | |||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
100% | |||||
| 14 | TYPE OF REPORTING PERSON
CO | |||||
This Amendment No. 11 (“Amendment No. 11”) amends the Schedule 13D originally filed with the U.S. Securities and Exchange Commission (the “SEC”) by Banco Santander, S.A., a Spanish bank organized under the laws of the Kingdom of Spain (“Santander”), and Santander Holdings USA, Inc., a Virginia corporation and a wholly owned subsidiary of Santander (“SHUSA,” and together with Santander, the “Reporting Persons”), on November 17, 2017, as amended by Amendment No. 1 filed with the SEC by Santander and SHUSA on January 3, 2019, Amendment No. 2 filed with the SEC by Santander and SHUSA on May 24, 2019, Amendment No. 3 filed with the SEC by Santander and SHUSA on June 28, 2019, Amendment No. 4 filed with the SEC by Santander and SHUSA on July 18, 2019, Amendment No. 5 filed with the SEC by Santander and SHUSA on October 15, 2019, Amendment No. 6 filed with the SEC by Santander and SHUSA on March 6, 2020, Amendment No. 7 filed with the SEC by Santander and SHUSA on June 10, 2020, Amendment No. 8 filed with the SEC by Santander and SHUSA on August 10, 2020, Amendment No. 9 filed with the SEC by Santander and SHUSA on July 2, 2021, and Amendment No. 10 filed with the SEC by Santander and SHUSA on August 26, 2021 (collectively, the “Initial Statement”).
Except as specifically provided herein, this Amendment No. 11 does not modify any of the information previously reported in the Initial Statement.
| Item 1. | Security and Issuer |
This Amendment No. 11 relates to the common stock, par value $0.01 per share (“Common Stock”), of Santander Consumer USA Holdings Inc. (“SC” or the “Issuer”), a Delaware corporation with its principal executive offices located at 1601 Elm St. Suite #800, Dallas, Texas 75201.
| Item 4. | Purpose of Transaction |
Item 4 of the Initial Statement is hereby amended and supplemented by adding the following paragraphs at the end of Item 4:
Consummation of the Tender Offer and the Merger
On September 7, 2021, Merger Sub commenced the Tender Offer.
At 5:00 p.m. New York City time, on January 27, 2022, the Tender Offer expired. Computershare Inc. and Computershare Trust Company, N.A., the joint depositary for the Tender Offer (the “Depositary”), advised Merger Sub that, as of the expiration of the Tender Offer, a total of 14,184,414 shares of Common Stock were validly tendered and not validly withdrawn pursuant to the Tender Offer (including shares subject to guaranteed delivery), representing approximately 23.5% of the outstanding shares not already owned by Parent. All shares of Common Stock that were validly tendered and not withdrawn pursuant to the Tender Offer have been accepted for payment by Merger Sub.
Pursuant to the Merger Agreement, SHUSA and Merger Sub completed the acquisition of SC on January 31, 2022 by consummating the Merger pursuant to the Merger Agreement without a meeting of SC’s stockholders in accordance with Section 251(h) of the Delaware General Corporation Law. At the effective time of the Merger, each outstanding share of Common Stock (other than shares owned by SC, any of its subsidiaries, SHUSA, Merger Sub or any subsidiary of SHUSA, or shares for which appraisal rights have been validly exercised under Section 262 of the Delaware General Corporation Law) were cancelled and converted into the right to receive the Offer Price, net to the seller in cash, without interest and subject to deduction for any required withholding taxes.
As a result of the Merger, the Common Stock will be delisted and will cease to trade on the New York Stock Exchange. SHUSA and SC intend to take steps to cause the termination of the registration of the Common Stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and suspend all of SC’s reporting obligations under the Exchange Act as promptly as practicable.
| Item 5. | Interest in Securities of the Issuer |
Item 5 of the Initial Statement is hereby amended and restated in its entirety as follows:
The following information with respect to the ownership of the Common Stock of the Issuer by the Reporting Persons filing this Schedule 13D is provided as of January 31, 2022:
| (a) | The Reporting Persons beneficially own 305,901,557 shares of Common Stock of the Issuer, or 100% of the Issuer’s outstanding Common Stock. |
| (b) | The Reporting Persons have sole power to vote and dispose of the securities of the Issuer held by them. |
| (c) | The description of the Tender Offer and the Merger set forth in Item 4 is hereby incorporated by reference. |
| (d) | Not applicable. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
The response to Item 4 of this Schedule 13D is incorporated by reference herein.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: January 31, 2022
| BANCO SANTANDER, S.A. | ||||
| By: | /s/ Javier Illescas | |||
| Name: | Javier Illescas | |||
| Title: | Group Executive Vice President, Corporate Legal | |||
| SANTANDER HOLDINGS USA, INC. | ||||
| By: | /s/ Gerard A. Chamberlain | |||
| Name: | Gerard A. Chamberlain | |||
| Title: | Executive Vice President and Senior Deputy General Counsel | |||
SCHEDULE A
The name, business or residential address, title, present principal occupation or employment, and citizenship of each of the directors and executive officers of Santander and SHUSA are set forth below.
Santander
| Name |
Business or Residential Address |
Present Principal Occupation or Employment |
Citizenship | |||
| Directors | ||||||
| Ana Patricia Botín— Sanz de Sautuola y O’Shea |
Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Executive Chairman of Banco Santander, S.A. | Spain | |||
| Belén Romana García | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A. and Non- Executive Director of Aviva Plc, London and independent director of SIX Group AG and of Bolsas y Mercados Españoles (BME); member of the advisory boards of GFI España and TribalData, member of the advisory board of the Rafael del Pino Foundation and co-chair of the Global Board of Trustees of the Digital Future Society |
Spain | |||
| Bruce Neil Carnegie-Brown | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain |
Vice Chairman (non-executive independent director) and coordinator of non-executive directors (lead director) of Banco Santander, S.A.; Non-Executive Chairman of Lloyd’s of London, Cuvva Limited, Santander UK plc and Santander UK Group Holdings plc | United Kingdom | |||
| Álvaro Cardoso de Souza | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Non-Executive Chairman of Banco Santander (Brasil), S.A. |
Portugal | |||
| Pamela Ann Walkden | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain |
Non-Executive Director (independent) of Banco Santander, S.A.; lay member of the Welfare and Ethics Committee of the Royal Veterinary College. |
United Kingdom | |||
| Ramón Martín Chávez Márquez |
Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Senior Executive Vice Chairman of Sixth Street Partners Management Company, L.P., Non-executive chairman of Recursion Pharmaceuticals, Inc., and member of the board of trustees of the Los Angeles Philharmonic. |
United States of America | |||
| Luis Isasi Fernández de Bobadilla |
Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director of Banco Santander, S.A.; Non-Executive Chairman of Santander España and Independent Director at Compañía de Distribución Integral Logista Holdings, S.A. (Logista). | Spain | |||
| Henrique de Castro | Banco Santander, S.A., Avda, Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Independent Director of Fiserv Inc. | Portugal | |||
| Homaira Akbari | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Chief Executive Officer of AKnowledge Partners, LLC; Non-Executive Director of Landstar System, Inc. and Independent Director of Temenos, AG |
France and United States of America | |||
| Sergio Rial | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain |
Executive Director of Banco Santander, S.A.; Chief Executive Officer and Vice Chairman of Banco Santander (Brazil), S.A.; Independent Director of Delta Airlines Inc. and Non-Executive Chairman of Ebury Partners Limited |
Brazil | |||
| Francisco Javier Botín— Sanz de Sautuola y O’Shea |
Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director of Banco Santander, S.A.; Executive Chairman of JB Capital Markets, Sociedad de Valores, S.A.U.; Chairman of the Botín Foundation and trustee of the Princess of Gerona Foundation |
Spain | |||
| José Antonio Álvarez Álvarez | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Vice Chairman and Chief Executive Officer of Banco Santander, S.A. and Non-Executive Director of Banco Santander (Brasil) S.A. | Spain | |||
| Gina Díez Barroso | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Chairman of Grupo Diarq, S.A. de C.V. and Centro de Diseño y Comunicación, S.C. (Universidad Centro). | México | |||
| Ramiro Mato García-Ansorena | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A. | Spain | |||
| Sol Daurella Comadrán | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Non-Executive Director (independent) of Banco Santander, S.A.; Executive Chairman of Olive Partners, S.A.; Non-Executive Chairman of Coca Cola European Partners, Plc and other positions at Cobega Group companies |
Spain |
| Executive Officers (Who Are Not Directors) | ||||||
| Jaime Pérez Renovales | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | General Secretary and Secretary of the Board, Banco Santander, S.A. | Spain | |||
| Javier Maldonado Trinchant | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Head of Costs, Banco Santander, S.A. | Spain | |||
| Alexandra Brandão | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Global Head of Human Resources, Banco Santander, S.A. | Portugal | |||
| José Antonio García Cantera | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Chief Financial Officer, Banco Santander, S.A. | Spain | |||
| José Francisco Doncel Razola | Banco Santander, S.A., Avda. de Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Head of Accounting and Financial Control, Banco Santander, S.A. | Spain | |||
| José Luis de Mora Gil-Gallardo | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Head of Strategy, Corporate Development and of Consumer Finance, Banco Santander, S.A. |
Spain | |||
| José Maria Linares Perou | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Global Head of Corporate and Investment Banking, Banco Santander, S.A. | United Kingdom, Bolivia | |||
| Juan Guitard Marín | Ciudad Grupo Santander Edificio Marisma, pl. 2 28660, Boadilla del Monte (Madrid) – Spain |
Group Chief Audit Executive, Banco Santander, S.A. | Spain | |||
| Juan Manuel Cendoya Méndez de Vigo | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Head of Communications, Corporate Marketing and Research, Banco Santander, S.A. | Spain | |||
| Keiran Foad | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Chief Risk Officer, Banco Santander, S.A. | United Kingdom | |||
| Marjolein van Hellemondt-Gerdingh | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Chief Compliance Officer, Banco Santander, S.A. | Netherlands | |||
| Mónica López-Monís Gallego | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Head of Supervisory and Regulatory Relations, Banco Santander, S.A. | Spain | |||
| José Rami Aboukhair Hurtado | Santander España, Gran Vía de Hortaleza, N°3, Edificio Cantabria, 2aPlanta, 28033, Madrid – Spain | Global Head of Cards and Digital Solutions, Banco Santander, S.A. | Spain | |||
| Victor Matarranz Sanz de Madrid | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Global Head of Wealth Management and Insurance, Banco Santander, S.A. | Spain | |||
| Dirk Marzluf | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Group Head of Technology and Operations, Banco Santander, S.A. | Germany | |||
| António Simões | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Regional Head of Europe and Country Head of Santander Spain, Banco Santander, S.A. | Portugal |
SHUSA
| Name |
Business or Residential Address |
Present Principal Occupation or Employment |
Citizenship | |||
| Directors | ||||||
| Ana Patricia Botín- Sanz de Sautuola y O’Shea |
Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain |
Executive Chairman of Banco Santander, S.A. | Spain | |||
| Stephen Alan Ferriss | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Retired | United States of America | |||
| Alan H. Fishman | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chairman, Ladder Capital Corp | United States of America | |||
| Thomas Stephen Johnson | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Retired | United States of America | |||
| Juan Guitard Marin | Ciudad Grupo Santander Edificio Marisma, pl.2 28660, Boadilla del Monte (Madrid), Spain |
Group Chief Audit Executive, Banco Santander, S.A. | Spain | |||
| Hector Grisi | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Executive President and Chief Executive Officer, Banco Santander Mexico, S.A. | Mexico | |||
| Edith Holiday | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Retired | United States of America | |||
| Guy Moszkowski | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Retired | United States of America | |||
| Timothy Wennes | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Executive Officer and President, Santander Holdings USA, Inc., Santander Bank, N.A. | United States of America | |||
| Henri-Paul Rousseau | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Visiting Professor, Paris School of Economics | Canada | |||
| Thomas Timothy Ryan, Jr. | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Non-Executive Chairman, Santander Holdings USA, Inc. and Santander Bank, N.A. |
United States of America | |||
| Javier Maldonado Trinchant | Banco Santander, S.A., Avda. Cantabria, s/n, Ciudad Grupo Santander, 28660, Boadilla del Monte (Madrid) – Spain | Global Head of Cost Control, Banco Santander, S.A. | Spain | |||
| Executive Officers (Who Are Not Directors) | ||||||
| Ashwani Aggarwal | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Risk Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | United States of America | |||
| Juan Carlos Alvarez | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Financial Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | Spain | |||
| Daniel Budington | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Strategy Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | United States of America | |||
| Daniel Griffiths | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Technology Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | United States of America | |||
| Rosilyn Houston | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Human Resources Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | United States of America | |||
| Brian Yoshida | c/o Santander Holdings USA, Inc. 75 State Street Boston, MA 02109 |
Chief Legal Officer, Santander Holdings USA, Inc. and Santander Bank, N.A. | United States of America | |||