Senior Note, Series 251, March 20071,4 MB
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FINALTERMS Final Terms dated 20 March 2007 Banesto Financia( Products pie Issue ofEUR 20,000,000 Fixed Rate and Equity Linked Notes due March 19, 2019 Guaranteed by BANCO ESPAÑOL DE CRÉDITO, S.A. underthe EUR 10,000,000,000 Euro Medium Term Note Programme PARTA- CONTRACTUAL TERMS Terms used herein shall be deemed to be defmed as such for the purposes of the Conditions set forth in the Base Prospectus dated 14 September 2006 which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Prospectus. Full infommtion on the Jssuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus. The Prospectus is available for inspection at the offices of the Irish Paying Agent (J.P. Margan Bank (Jreland) Pie at JPMorgan House International Financia] Services Centre, Dublin 1, Ireland) m1d the Irish Financia] Services Regulatory Authority (IFSRA) website (www.ifsra.ie). IMPORTANT The Noteholder has acquired these Notes solely in reliance on its own judgment and declares that it has not been solicited by neither the Jssuer, the Guarantor nor the Dealer. In addition, neither the Issuer, the Guarantor nor the Dealer has held itself out as advising, or has held out any of its employees or agents as having the authority to advise to the Noteholder as to whether or not the Noteholder should acquire these Notes, any subsequent actions relating to this investment or any other matters relating to it. Neither the Issuer, the Guarantor nor the Dealer shall have any responsibility or liability whatsoever in respect of any advice of this nature given, or views expressed, by it or any of such persons to the Noteholder relating to these Notes. The Noteholder represents that befare entering into this investment has evaluated all legal, accounting, regulatory, fmancial, credit and tax inlplications and that is capable of assessing the merits of the Notes and understands them (on its own behalf or through independent professional advice). The Noteholder has taken into account its own financia] and business situation, ahility in risk measures and the fulfilment of its own interna] requirements and objectives, in determining ifentering or not in tbis investment. The Noteholder expressly declares that acknowledges that it is aware that the Variable Coupon Amounts to be received on the Coupon Payment Dates depend on the performance of a Basket of Shares and may be equal to zero. l. (i) Issuer: Banesto Financia] Products pie (ii) Guarantor: Banco Español de Crédito, S.A. 2. (i) Series Number: 251 (ii) Tranche Number: 1 3. Specified Currency or Euro ("EUR") Currencies: 4. Aggregate Nominal Arnount: (i) Series: EUR 20,000,000 (ii) Tranche: EUR 20,000,000 5. Issue Price: 100 per cent. ofthe Aggregate Nominal Arnount 6. Specified EUR 100,000 Denominations: 7. (i) Issue Date: March 20, 2007 (ii) Interest Commencement Date (if different from the Issue Date): Not Applicable 8. Maturity Date: March 19, 2019, subject to the Following Business Da y Convention. 9. lnterest Basis: (i) 6% Fixed Rate (ii) Equity Linked Interest as defined in Annex 1 (Further particulars specified below) 1o. Redemption!Payment Redemption at par basis : 11. Change oflnterest or Redemption/Payment Basis: See paragraphs 15 to 18 below 12. Put/Call Options: Not Applicable 13. (i) Status ofthe Notes: Senior. Condition 4(a) applies. (ii) Status ofthe Guarantee: Senior 14. Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Applicable Provisions 2 (i) Rale[(s)] oflnterest: See in (iii) below (ii) Interest Payment Coupon Payment Date(IJ , Coupon Payment Date,2¡ and Date(s): Coupon Payment Date(3J as defmed in Annex I, subject lo the Following Business Day Convention. (iii) Fixed Coupon EUR 6,000 per Note of EUR 100,000 Specified Amounl[(s)]: Denomination (i.e. 6 per cenl of !he Specified Denomination) By definition, Coupon(l), Coupon(2) and Coupon(3) are equal lo 6% x Specified Denominalion (iv) Day Count Not Applicable Fraction: (v) Broken Amount(s): Not Applicable (vi) Other tenns relating to the melhod of calculating inleresl for Fixed Rate Notes (e.g. day counl Not Applicable fractions): 16. Floating Rate Note Not Applicable Provisions 17. Zero Coupon Note Not Applicable Provisions 18. Variable Conpon Applicable Amount Provisions (i) Equity/ Index See the attached Annex I /Formula: (ii) Calculation Agent responsible for calculating !he interest due: Société Générale will act as calculation agent (the "Calculation Agent"). The calcnlations and determinations of the Calculation Agent will be conclusive and binding upon the Issuer, the Guarantor, !he Agent and the Noteho!ders, in the absence ofmanifest error or pro ven error. Pursuant to the attached Annex II, the Calculation Agent shall notify !he Issuer which shall, in its turn, notify the Agent and !he Noteholders (i) of any adjustments, substantial in !he opinion of !he Calculation Agent and (ii) upon the occurrence of an extraordinary event (listed in Annex II), of any modification of !he composition of !he Basket andlor of the fair market value of the Notes payable in respect thereof 3 together with tl1e calculations details ifnecessary. (iii) Provisions for detennining Coupon where calculation by reference to Equity andlor Index andlor See tl1e attached Annex I and Annex ll. Formula: (iv) Provisions for detennining Coupon where calculation by reference to Equity andlor Index andlor Formula is impossible or impracticable or otherwise disrupted: See the attached Annex I and Annex ll. (v) Interest Payment Dates/ Interest Period Dates: See the attached Annex I (vi) Specified Period(s): Not Applicable (vii) Business Day Following Business Day Convention Convention: (viii) Minimum Rate of See the attached Annex I lnterest: (ix) Maximum Rate of See the attached Annex l Interest: (x) Day Count Fraction Not Applicable 19. Dual Currency Note Not Applicable Provisions PROVISIONS RELATING TO REDEMPTION 20. Call Option Not Applicable 21. Put Option Not Applicable 22. Final Redemption Amount: EUR 100,000 per Note ofEUR 100,000 Specified Denomination 23. Early Redemptiou Amount Early Redemption Amount(s) payable on redemption for taxation reasons or on event of default andlor the metl10d of calculating 4 the same (if required or if different from that set out in the Conditions): Such amount(s) determined by the Calculation Agent which on the early redemption date of the Notes, shall represen! the fair market value of the Notes ( "Market Value") and which shall have the effect - after taking into account, in the case of redemption for taxation reasons, the cost of unwinding any hedging arrangements entered into in respect of the Notes of preserving for the Noteholders the economic equivalen! of the obligations of the Issuer to make the payments, in respect of the Notes, which would, but for such redemption for taxation reasons or on Event of Default, have fallen due after the relevan! early redemption date. GENERAL PROVISIONS APPLICABLE TO THE NOTES 24. Form ofNotes: Bearer Notes: Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Pemmnenl Global Note 25. Business Day Jurisdictions for Condition 8 (h) or other special provisions relating to Payment Dates: Condition 8 (h) applies 26. New Global Note Not Applicable Form: 27. Talons for fntnre Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons matnre): No 28. Details relating to Partly Paid Notes: amount of ea eh payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) offailure to pay, including any right of the Issuer to forfeit thp NotP~ nnil intPrP_d 5 the Notes and interest Not Applicable due on late payment: 29. Details relating to Instalment Notes: amount of ea eh instalment ("lnstalment Amount"), date on which each payment is to be made ("lnstalment Date"): Not Applicable 30. Redenomination, renominalisation and reconventioning provisions: Not Applicable 31. Consolidation provisions: The provisions in Condition 14 (Further lssues) apply 32. Other terms or special conditions: Not Applicable DISTRIBUTION 33. {i) If syndicated, names and addresses of Managers and underwriting commitments: Not Applicable (ii) Stabilising Manager (if nny): Not Applicable (iii) Date of Subscription Agreement: Not Applicable 34. Ifnon-syndicated, name and address of Dealer: Société Générale 17, Cours Valmy 92987 Paris la Défense Cedex France 35. Total commission and concession: Not Applicable 36. Additional selling Not Applicable restrictions: 6 LISTING AND ADMISSION TO TRADING APPLICATION These Final Tenns cornprises the final tenns required to list and have adrnitted lo trading the issue ofNotes described herein pursuant to the EUR 10,000,000,000 Euro Mediurn Tenn Note Prograrnrne ofBanesto Financia! Products pie. RESPONSIBILITY The Issuer and the Guarantor accept responsibility for the infonnation contained in these Final Tenns. Signed on behalf of the Issuer: Signed on behalf of the Guarantor: :~te~: fh~~INcl~ L By: --~~~~--4-- é.C Duly authorised \ '.~\ By: -::s:~;;s~-~ By: Z--·--·. Duly authorised Duly authorised 7 PART B- OTIIER INFORMATION l. LISTING (i) Listing: Ireland