ING Bank early tenders exceed offer cap for 5.8% subordinated notes, pricing set

By Rebecca Melvin

New York, Feb. 25 – ING Bank NV announced that it received tenders for $1,076,239,000 principal amount of its $2 billion of 5.8% subordinated notes due Sept. 25, 2023 (Cusips: N45780CT3, 449786AY8), by the early tender deadline on Monday, according to a press release.

The company will not tender for any further notes because the offer for up to $1 billion of notes was oversubscribed by the early tender deadline.

The principal amount accepted was $999,746,000 for a proration factor of 89.5261%.

ING Bank announced that it will pay $1,136.60 per $1,000 principal amount for bonds that were tendered and accepted for purchase by the early deadline. The amount includes a $30.00 early tender premium.

Payment is expected to occur on the Feb. 26 early settlement date.

The dealer managers are ING Financial Markets LLC (877 446-4930, 646 424-8972, +44 20 7767 6784 or liability.management@ing.com), Merrill Lynch International (888 292-0070, 980 387-3907, +44 30 7996 5420 or DG.LM-EMEA@bofa.com) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756).

The information and tender agent is D.F. King & Co. Inc. (+44 20 7920 9700, +852 3953 7208, 212 709-3328 or ing@dfking.com).

The issuer said it is making the tender offer as a way of optimizing its capital structure.

ING Bank is an Amsterdam-based financial services company.

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