By Devika Patel
Knoxville, Tenn., Sept. 26 – ING Groep NV offered further details about a $3.25 billion three-part issue of senior notes (Baa1/A-/A+) that priced on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $500 million of five-year floating-rate notes at Libor plus 100 basis points. These notes priced at par.
A $1.5 billion offering of 4.1% five-year fixed-rate notes priced at a spread of Treasuries plus 112.5 bps. These notes priced at 99.978 to yield 4.105%.
ING also sold $1.25 billion of 4.55% 10-year notes at a Treasuries plus 150 bps spread. These notes priced at 99.658 to yield 4.593%.
Citigroup Global Markets Inc., Credit Agricole CIB, Goldman Sachs & Co., ING Financial Markets LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds from the offering will be used for general corporate purposes.
The global financial institution is based in Amsterdam.
| Issuer: | ING Groep NV
|
| Amount: | $3.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole CIB, Goldman Sachs & Co., ING Financial Markets LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-lead managers: | DBS Bank Ltd., Emirates NBD PJSC, Lloyds Securities Inc. and MUFG
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | Oct. 2, 2023
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Call feature: | None
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Oct. 2, 2023
|
| Coupon: | 4.1%
|
| Price: | 99.978
|
| Yield: | 4.105%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call feature: | None
|
|
|
| 10-year notes
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| Amount: | $1.25 billion
|
| Maturity: | Oct. 2, 2028
|
| Coupon: | 4.55%
|
| Price: | 99.658
|
| Yield: | 4.593%
|
| Spread: | Treasuries plus 150 bps
|
| Call feature: | None
|
|
|
|
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