ING successfully completes liability management offers
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ING successfully completes liability management offers
· Total of 60% of holders have accepted the offers
· Take up of all exchange and tender offers, including the retail Euro
exchange offers, will result in a total capital gain after tax of approximately
EUR 745 million
On 12 December 2011 ING announced the launch of three separate exchange offers
in Europe and tender offers in the United States of America, on a total of seven
series of subordinated securities of ING entities with a total nominal value of
approximately EUR 5.8 billion at current exchange rates.
All tender and exchange offers announced on 12 December have now been
successfully completed with an average participation of 60%, resulting in a
total capital gain after-tax of approximately EUR 745 million, including related
hedge results and estimated transaction costs. This amount includes
approximately EUR 515 million of capital gain after tax on the US tender offers
and the institutional Euro and Sterling exchange offers that were announced on
21 December 2011.
This document is not an offer of securities for sale, a solicitation of offers
to buy securities or a tender offer for securities in the United States or any
other jurisdiction. The exchange offers were not made within the United States
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 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.
UBS Investment Bank acted as structurer and lead dealer manager and Barclays
Capital and ING, acted as joint dealer managers for the offers.
Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 541 6516 +31 20 541 5460
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) the implementation of ING's restructuring plan to
separate banking and insurance operations, (4) 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, (5) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
customer and policyholder behaviour, (11) changes in general competitive
factors, (12) changes in laws and regulations, (13) changes in the policies of
governments and/or regulatory authorities, (14) conclusions with regard to
purchase accounting assumptions and methodologies, (15) changes in ownership
that could affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, and (16) ING's ability to achieve
projected operational synergies. 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/1573625/489802.pdf
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other applicable laws; and
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originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1573625]
Unternehmensinformation / Kurzprofil:
Datum: 23.12.2011 - 08:08 Uhr
Sprache: Deutsch
News-ID 99717
Anzahl Zeichen: 6317
contact information:
Town:
Amsterdam
Kategorie:
Business News
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