By Cristal Cody
Tupelo, Miss., March 21 – ING Groep NV priced a combined $4 billion of senior notes (Baa1/A-/A+) in three tranches on Tuesday, according to a market source.
The company sold $1 billion of five-year floating-rate notes at Libor plus 115 basis points.
ING placed $1.5 billion of 3.15% five-year fixed-rate notes at a spread of Treasuries plus 125 bps.
ING also priced $1.5 billion of 3.95% 10-year notes at a Treasuries plus 155 bps spread.
BNP Paribas Securities Corp., Goldman Sachs & Co., HSBC Securities (USA) Inc., ING and J.P. Morgan Securities LLC were the bookrunners.
All three tranches will be non-callable without permission from the trustee, according to a 424B2 filing with the Securities and Exchange Commission.
Proceeds will be used for general corporate purposes.
The global financial institution is based in Amsterdam.
| Issuer: | ING Groep NV
|
| Amount: | $4 billion
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co., HSBC Securities (USA) Inc., ING and J.P. Morgan Securities LLC
|
| Call: | Non-callable without permission from trustee
|
| Trade date: | March 21
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $1 billion
|
| Maturity: | March 29, 2022
|
| Coupon: | Libor plus 115 bps
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 29, 2022
|
| Coupon: | 3.15%
|
| Spread: | Treasuries plus 125 bps
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 29, 2027
|
| Coupon: | 3.95%
|
| Spread: | Treasuries plus 155 bps
|
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