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ING Bank tenders for outstanding 5.8% subordinated notes due 2023
By Cady Vishniac
Detroit, Dec. 1 – ING Bank NV has announced its intention to purchase for cash any and all of its $1,000,254,000 outstanding 5.8% subordinated notes due Sept. 25, 2023 (Cusips: N45780CT3, 449786AY8), according to a press release.
Pricing will be set at 10 a.m. ET on Dec. 7 using the 0.25% U.S. Treasury due Nov. 15, 2023 plus a fixed spread of 60 basis points for a hypothetical tender offer consideration of $1,137.99 per $1,000 principal amount. Noteholders will also receive accrued interest up to but not including the settlement date of Dec. 10.
The offer expires 5 p.m. ET on Dec. 7. Validly tendered and accepted offers may be withdrawn at any point prior to this deadline.
ING says the tender offer is intended to optimize its capital structure.
HSBC Bank plc (888 HSBC-4LM, 212 525-5552, +44 20 7992 6237; liability.management@hscbcib.com), ING Financial Markets LLC (646 424-8972, +44 20 7767 6784; liability.management@ing.com) and Wells Fargo Securities, LLC (866 309-6316, 704 410-4756; LiabilityManagement@wellsfargo.com) are the dealer managers for the tender offer.
D.F. King & Co., Inc. (800 848-3416, 212 269-5550; ing@dfking.com; www.dfking.com/ing) is the information and tender agent.
ING Bank is an Amsterdam-based financial services company.
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