ING offers contingent convertible capital securities in two parts

By Rebecca Melvin

Concord, N.H., Sept. 7 – ING Groep NV intends to price two series of dollar-denominated perpetual additional tier 1 contingent convertible capital securities, according to a 424B5 filing with the Securities and Exchange Commission on Tuesday.

One tranche of notes is callable and the interest rate will be reset on the Nov. 16, 2027 first reset date or any reset date following that date. Each reset date occurs five years after the prior reset date.

The second tranche of notes is callable and the interest rate will be reset on the Nov. 16, 2031 first reset date or any reset date following that date. Each reset date occurs five years after the prior reset date.

ING Financial Markets LLC and J.P. Morgan Securities LLC are joint global coordinators as well as joint lead managers and joint bookrunners along with Barclays, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America Inc. and Standard Chartered Bank AG.

Proceeds will be used for general corporate purposes.

The global financial institution is based in Amsterdam.

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