MADRID - Spain's Banco Santander on Friday said it was placing $250 million worth of preferred stock in the United States.

A statement said the issue, registered with the Securities and Exchange Commission, had been underwritten by Goldman, Sachs & Co.

Dividend of 7.375%

The shares are issued by a subsidiary, Banco Santander Finance. They have no voting rights and carry a dividend of 7.375% a ycar.

The new placement brings the total of Santander's prefeffed shares to $1 billion, the statement said.

The issue is rated A I by Moody's Investors Service and Aplus by Standard & Pbor's Corp.

Co-managers of the offering include Prudential Securities, Oppenheimer & Co., Kemper Securities, and Painewebber

Inc. - David Siegel

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