The consumer finance unit of Banco Santander is planning to swap subordinated bonds for senior debt, The Wall Street Journal reports. The subordinate notes worth about €500 million will be due on Sept. 28, 2016.

The notes will be replaced with non-subordinate notes, maturing on the same date. The new notes will carry a coupon of three-month Euribor plus 160 basis points.

Click here for the story from The Wall Street Journal.