ING announces price and results on cash tender offer for EUR 4.0 billion Government Guaranteed Notes
(Thomson Reuters ONE) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND
POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF
COLUMBIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OF SUCH JURISDICTION.
On 19 June 2013 ING announced an offer to the holders of the Government
Guaranteed Notes listed in the table below to tender any and all of the
outstanding Notes with a total principal amount outstanding of EUR 4.0 billion.
The offer expired at 5:00 p.m., CET, on 28 June 2013.
The aggregate principal amount of the notes validly tendered and accepted for
purchase is approximately EUR 1.28 billion, or 32% of the principal amount
outstanding, leaving a remaining amount outstanding of approximately EUR 2.72
billion. ING Bank will pay a purchase price of EUR 1,022.19 per EUR 1,000
principal amount of notes validly tendered and accepted for purchase.
In addition to the purchase price, ING Bank will also pay any accrued and unpaid
interest on each of the notes purchased pursuant to the offer up to, but
excluding, the settlement date which is expected to be 3 July 2013.
In addition to the cash tender offer in Europe, a cash tender offer has been
conducted in the US with a total principal amount outstanding of USD 2.25
billion the pricing and results of which will be announced separately. The
results of both cash tender offers have no material impact on the results of ING
Bank.
TARGETED SECURITIES
ISIN Title of Maturity Principal Benchmark Purchase Purchase Aggregate
Security Date Amount Security Spread Principal
Outstanding Amount
Price Accepted for
Purchase
------------- ---------------- ---------- ------------- --------------- --------------------------------
XS0415072098 ?4,000,000,000 3 March ?4.0 BKO 0.25% due 0 b.p. ? ?
3.375 per 2014 billion 14 March 1,022.19 1,277,069,000
cent. Fixed 2014 (ISIN:
Rate Notes DE0001137370)
2009 due 3
March 2014
issued by ING
Bank and
guaranteed by
the State of
The
Netherlands
The offer is being made subject to the terms and conditions set out in the
Tender Offer Memorandum dated 19 June 2013. ING Bank N.V. and J.P. Morgan
Securities plc are acting as Joint Dealer Managers and Lucid Issuer Services
Limited is acting as Tender Agent.
Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 576 6385 +31 20 576 6396
Frans.middendorff(at)ing.com investor.relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management
operations.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) consequences of a potential (partial) break-up of the
euro, (4) the implementation of ING's restructuring plan to separate banking and
insurance operations, (5) changes in the availability of, and costs associated
with, sources of liquidity such as interbank funding, as well as conditions in
the credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's ability
to achieve projected operational synergies and (19) the other risks and
uncertainties detailed in the Risk Factors section contained in the most recent
annual report of ING Groep N.V. Any forward-looking statements made by or on
behalf of ING speak only as of the date they are made, and, ING assumes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason. This document does not
constitute an offer to sell, or a solicitation of an offer to buy, any
securities.
PDF version of press release:
http://hugin.info/130668/R/1713187/568630.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1713187]
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2013 - 14:13 Uhr
Sprache: Deutsch
News-ID 274760
Anzahl Zeichen: 7486
contact information:
Town:
Amsterdam
Kategorie:
Business News
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