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Markets

Santander Prepared to Assist First Brands Prior to Their Collapse

A Banco Santander branch located in New York.

Photographer: Yuki Iwamura/Bloomberg

By Katherine Doherty, Aaron Weinman, Irene Garcia Perez, and Jorge Zuloaga on October 20, 2025, at 8:51 PM UTC.

In the summer, when First Brands Group sought to refinance approximately $6 billion in debt, they engaged Banco Santander SA to collaborate with Jefferies Financial Group Inc. on the project. However, the refinancing initiative was ultimately put on hold due to investor apprehensions.

According to sources familiar with the situation, the Spanish bank had signed an engagement letter to cooperate with Jefferies in the refinancing process. However, concerns arose when investors requested a quality of earnings report and sought additional insights into the company’s off-balance-sheet borrowing, prompting further scrutiny of the situation.

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Source: Original