Santander Lined Up to Help First Brands for Months Before Demise

When First Brands Group tried to refinance about $6 billion of debt over the summer, the auto-parts supplier lined up Banco Santander SA to work with Jefferies Financial Group Inc. on the deal, according to people with knowledge of the matter, before it was shelved following investor concern.

The Spanish bank signed an engagement letter to work with Jefferies on the refinancing effort, before investors requested a quality of earnings report and some pressed for more information about the company’s off-balance-sheet borrowing, said the people, who asked not to be identified discussing private information.

While the refinancing pitch was advertised ...