ING Bank tenders for up to $1 billion of 5.8% subordinated notes

By Sarah Lizee

Olympia, Wash., Feb. 10 – ING Bank NV is offering to purchase up to $1 billion of its $2 billion of 5.8% subordinated notes due Sept. 25, 2023 (Cusips: N45780CT3, 449786AY8), according to a press release.

Pricing will be set using the 1.5% U.S. Treasury due Jan. 15, 2023 plus a fixed spread of 65 basis points for a hypothetical tender offer consideration of $1,098.66 per $1,000 principal amount.

The hypothetical tender offer consideration includes an early tender premium of $30.00 per $1,000 of notes. Holders who tender their notes prior to 5 p.m. ET on Feb. 24 are eligible to receive the early tender premium.

The tender offer will expire at 11:59 p.m. ET on March 9.

Tendered notes may be subject to proration.

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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