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ING to redeem €995 million series II, III perpetual securities
By Wendy Van Sickle
Columbus, Ohio, Aug. 6 – ING Groep NV will redeem its outstanding €432 million of perpetual securities, series II (NL0000113587), and €563 million perpetual securities, series International (NL0000116127), in full on Sept. 30, according to a company news release.
ING said that due to the expiration of the grandfathering period on Jan. 1, 2022, the two series of perpetual securities would no longer qualify as grandfathered additional tier 1 capital.
The two series of perpetual securities were part of an exchange offering in 2011, which reduced the outstanding principal amounts thereof from €750 million for series II and €1 billion for series III.
ING Bank NV is the paying agent.
ING is a financial institution based in Amsterdam.
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