ING offers to exchange three note series to prepare for asset sales

By Susanna Moon

Chicago, March 9 - ING Groep NV said it began exchange offers and consent solicitations for €2.6 billion of senior debt securities issued in three tranches by ING Verzekeringen NV.

The following notes are covered by the offers:

• €600 million of 3.5% notes due November 2012;

• €1 billion of 4% notes due September 2013; and

• €1 billion of notes due September 2013 with a coupon of Euribor plus 17.5 basis points.

Holders may tender their notes for new securities with the same coupon and maturity issued by ING Groep or maintain their investments and consent to a modification of terms. The consent fee will be 2.5% for the floaters and 0.25% for the two series of fixed-rate notes.

The offers are in preparation of the planned divestments of ING's insurance and investment management activities, according to a company press release.

The objective is to remove potential ambiguity that the planned divestments may create for these securities, predominantly with regard to the substantial assets disposal clauses, which may be triggered by the divestments, the release noted.

Morgan Stanley (+44 207 677 5040 or e-mail liabilitymanagementeurope@morganstanley.com) is the structurer and lead dealer manager, and UBS Investment Bank and ING are joint dealer managers. Lucid Issuer Services Ltd. (ing@lucid-is.com) is the exchange agent.

ING is a financial services company based in Amsterdam.

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