ING announces price and results on cash tender offer for USD 2.25 billion Government Guaranteed Notes
(Thomson Reuters ONE) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO ANY PERSON LOCATED OR RESIDENT IN ANY 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 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 USD 2.25 billion. The offer expired
on 28 June 2013 at 5:00 p.m., New York City time.
The aggregate principal amount of the notes validly tendered and accepted for
purchase is approximately USD 990 million or 44%, leaving a remaining amount
outstanding of approximately USD 1.26 billion. ING Bank will pay a purchase
price of USD 1,026.66 per USD 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 on 3 July 2013.
In addition to the cash tender offer in the United States, a cash tender offer
has been conducted in Europe with a total principal amount outstanding of EUR
4.0 billion. The pricing and results of this offer will be announced separately.
The results of both cash tender offers have no material impact on the results of
ING Bank.
TARGETED SECURITIES
ISIN CUSIP Title of Security Principal Benchmark Maturity Purchase Purchase Aggregate
Number Amount Security Date Spread Price Principal
Outstanding Amount
Accepted
for
Purchase
------------- -------------- -------------------- ------------- ----------------------------------------------------
US45324QAC06 45324QAC0 U.S.$2,250,000,000 US$ 2.25 0.25% 19 March 0 b.p. US$ US$
(Rule 144A) (Rule 144A) 3.90% Fixed Rate bn. U.S. 2014 1,026.66 989,848,000
/ / Notes due March Treasury
USN31288AC28 N31288AC2 19, 2014 issued by due March
(Regulation (Regulation ING Bank N.V. and 31, 2014
S) S) guaranteed by the
State of The
Netherlands
The offer was made subject to the terms and conditions set out in the Offer to
Purchase dated 19 June 2013. ING Financial Markets LLC and J.P. Morgan
Securities LLC are acting as Joint Dealer Managers and D.F. King &Co., Inc. is
acting as Tender and Information 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/1713189/568631.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#1713189]
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2013 - 14:13 Uhr
Sprache: Deutsch
News-ID 274761
Anzahl Zeichen: 7417
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING announces price and results on cash tender offer for USD 2.25 billion Government Guaranteed Notes"
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