ING Announces Cash Tender Offers for Government Guaranteed Notes
OREANDA-NEWS. ING announced today an offer (the Offer) to the holders the Government Guaranteed Notes (the Notes) listed in the table below to tender any and all of the outstanding Notes with a total principal amount outstanding of USD 2.25 billion. In addition to the tender offers in the United States, one invitation to a cash tender offer is being conducted in Europe with a total principal amount outstanding of EUR 4.0 billion.
The purpose of the Offer is to further optimize ING Bank’s liability profile while reducing the amount of debt securities outstanding guaranteed by the Dutch State. Based on ING Bank’s strong liquidity position and funding profile, and given the annual guarantee fee of 84 basis points on the Notes payable to the Dutch State and the short remaining tenor of the Notes, ING Bank is seeking to retire all or a portion of the Notes.
ING Bank will pay a purchase price and accrued interest for purchased Notes at yields flat to the US government bond curve, in a manner and at a time and date as described in the Offer to Purchase.
In order to participate holders must validly tender Notes by submitting a valid tender instruction that is received by the Tender Agent before 5:00 PM New York time on 28 June 2013. The Offer to Purchase provides details on submitting a tender instruction.
ING Bank intends to fund the purchase price and pay accrued interest on all Notes purchased pursuant to the Offer with available cash. ING will announce the results of the Offer on or about 1 July 2013. The result of the Offer, including the unwinding of associated hedging positions, is not expected to have a material impact on ING Bank’s results.
FURTHER INFORMATION
The Offer is being made subject to the terms and conditions set out in the Offer to Purchase dated 19 June 2013.
ING Financial Markets LLC and J.P. Morgan Securities LLC are acting as Joint Dealer Managers and D.F. King &Co., Inc. is acting as Tender and Information Agent.
Requests for information regarding the Offer should be directed to the Joint Dealer Managers:
ING
(In the United States): ING Financial Markets LLC, 1325 Avenue of the Americas, New York, New York 10019; Collect: +1 646 424 6105.
(Outside the United States):ING Bank N.V., Bijlmerplein 888, 1102 MG Amsterdam, The Netherlands.
J.P. Morgan
(In the United States): J.P. Morgan Securities LLC, 383 Madison Avenue; 3rd Floor, New York, New York 10179;
Toll Free: +1 866 834 4666, Collect: +1 212 834 4394; Attention: Liability Management Group.
(Outside the United States): J.P. Morgan Securities plc, 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom.
Any questions regarding procedures for tendering Notes or requests for copies of the Offer to Purchase should be directed to the Tender and Information Agent:
D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, NY 10005
Attention: Elton Bagley
Banks and Brokers Call: +1 212 269 5550; Toll Free: +1 800 735 3591
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