ING successfully completes exchange offers
(Thomson Reuters ONE) -
* Holders of a total of 55% of the notes have accepted the offers
* Total take up of exchange offers will result in a total capital gain after-
tax of approximately EUR 20 million
On 6 November 2013 ING Bank announced the launch of seven separate exchange
offers, offering bondholders an opportunity to exchange seven series of
subordinated debt into CRD-IV eligible Tier 2 securities. The offers, with a
total nominal value of approximately EUR 4.7 billion at current exchange rates,
enable ING Bank to proactively optimise the Bank's capital structure in
anticipation of the upcoming CRD-IV implementation.
All exchange offers have now been successfully completed with an average
participation of 55% (take-up rate) resulting in a total capital gain after-tax
of approximately EUR 20 million, including related hedge results and estimated
transaction costs. Through the offers, ING Bank issued EUR 2.6 billion of new
CRD-IV eligible Tier 2 securities. The exchange offers completed today will
have a positive impact of 40 basis points on ING Bank's BIS ratio. This will
bring the pro-forma BIS ratio after implementation of CRD-IV to 15.5% based on
the BIS ratio per 30 September 2013 and including repayment of EUR 1.125 billion
to the Dutch State, the unwinding of the Illiquid Assets Back-up Facility and
the calling of a USD 2 billion 8.5% Hybrid Tier 1 as announced on 6 November.
As also announced on 6 November 2013, the total capital gain after tax, together
with the net present value of the financial benefit to be realized by the
calling of the USD 2 billion 8.5% Hybrid Tier 1, totalling approximately EUR 50
million, will be used to increase the next repayment of core Tier 1 securities
to the Dutch State, scheduled for March 2014. The final payment to the Dutch
State, scheduled for May 2015 will be lowered by the same amount. The total
amount of the repayment to the Dutch State remains unchanged.
The exchange offers are being made on terms and subject to the conditions set
out in the Exchange Offer Memorandum dated 6 November 2013.
TARGETED SECURITIES FOR EXCHANGE EXERCISE
+---------------+--------------+---------------+----------+-------+------------+
| | ISIN | Amount | Exchange |Take-Up| ISIN |
|Currency/ Type | Exchanged | Outstanding | Price | Rate | New Note |
| | Security | | | | |
+---------------+--------------+---------------+----------+-------+------------+
| Euro / | XS0240868793 | EUR | 99.75% | 60% |XS0995102695|
| Subordinated | | 1,000,000,000 | | | |
+---------------+--------------+---------------+----------+-------+------------+
| Euro / | NL0000113892 | EUR | 100.00% | 46% |XS0995102695|
| Subordinated | | 1,000,000,000 | | | |
+---------------+--------------+---------------+----------+-------+------------+
|U.S. Dollars / | XS0255306671 | USD | 99.25% | 53% |XS0995102778|
| Subordinated | | 1,250,000,000 | | | |
+---------------+--------------+---------------+----------+-------+------------+
|U.S. Dollars / | XS0256836171 |USD 100,000,000| 99.00% | 0% |XS0995102778|
| Subordinated | | | | | |
+---------------+--------------+---------------+----------+-------+------------+
|U.S. Dollars / | XS0268815528 |USD 200,000,000| 98.75% | 52% |XS0995102778|
| Subordinated | | | | | |
+---------------+--------------+---------------+----------+-------+------------+
|U.S. Dollars / | XS0275827292 |USD 200,000,000| 98.75% | 61% |XS0995102778|
| Subordinated | | | | | |
+---------------+--------------+---------------+----------+-------+------------+
|U.S. Dollars / | XS0306992545 | USD | 98.50% | 60% |XS0995102778|
| Subordinated | | 2,000,000,000 | | | |
+---------------+--------------+---------------+----------+-------+------------+
More information on the securities on offer and the new exchange securities can
be found through the Transaction Summary which can also be downloaded on
ing.com.
FURTHER INFORMATION
This document is not an offer of securities for sale, a solicitation of an offer
to buy for securities in the United States or any other jurisdiction. The
exchange offers were not being made within, and this document is not for
distribution in or into, the United States of America or to any U.S. person (as
defined in Regulation S under the United States Securities Act of 1933, as
amended (the "Securities Act")). Securities may not be offered, sold or
delivered in the United States absent registration under, or an exemption from
the registration requirements of, the Securities Act.
The new securities to be issued in connection with the exchange offers described
above have not been, and will not be, registered under the Securities Act or the
securities laws of any U.S. state or other jurisdiction of the United States and
may not be offered, sold or delivered, directly or indirectly, within the United
States or to, or for the account or benefit of, U.S. persons.
For detailed information regarding the exchange offers holders may contact
Merrill Lynch International acting as joint dealer manager and structuring
adviser and Credit Suisse Securities (Europe) Limited, HSBC Bank plc, ING Bank
N.V. and UniCredit Bank AG acting as joint dealer managers for the offers.
Copies of the Exchange Offer Memorandum are only available to eligible holders
upon request from the Exchange Agent Lucid Issuer Services Limited at ing(at)lucid-
is.com.
Press enquiries Investor enquiries
Raymond Vermeulen ING Group Investor Relations
+31 20 576 6369 +31 20 576 6396
raymond.vermeulen(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 in this document 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/1743651/586588.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#1743651]
Unternehmensinformation / Kurzprofil:
Datum: 15.11.2013 - 16:52 Uhr
Sprache: Deutsch
News-ID 317237
Anzahl Zeichen: 10484
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 183 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ING successfully completes exchange offers"
steht unter der journalistisch-redaktionellen Verantwortung von
ING Group (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
