ING to redeem USD 552 million Additional Tier 1 instrument
August 01 2017 - 4:02PM
ING Group announced today it will redeem all
outstanding USD 522 million of 8.439% non-cumulative guaranteed
trust preferred securities, issued by ING Capital Funding Trust
III, on 30 September 2017, in line with ING's goal to continuously
optimize its capital structure. The initial size of the security
was USD 1,500 million and the bond was subject to a tender offer in
2011.
The securities (CUSIP 44978NAA3) will be redeemed
in full in accordance with their terms, with payment to be made on
29 September 2017, which is the day prior to the redemption date
and the last weekday of the calendar month. Distributions due on
the redemption date will be paid in the usual manner, to holders of
record as of 28 September 2017. The paying agent for the securities
is The Bank of New York Mellon, 101 Barclay Street, Floor 7E, New
York, New York 10286.
Any future decisions by ING as to whether it will
exercise (or cause to be exercised) calls in respect of debt
securities will be made on an economic basis, taking into account
the interests of all stakeholders. Other factors that ING will
consider include prevailing market conditions, regulatory approval
and capital requirements.
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ING Group Investor
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+31 20 576
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Christoph.Linke@ing.com |
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ING PROFILE
ING is a global financial institution with a
strong European base, offering banking services through its
operating company ING Bank. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. ING Bank's
52,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
ING Group shares are listed on the exchanges of
Amsterdam (INGA AS, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's
strategy, which is evidenced by the number one position among 395
banks ranked by Sustainalytics. ING Group shares are being included
in the FTSE4Good index and in the Dow Jones Sustainability Index
(Europe and World) where ING is among the leaders in the Banks
industry group.
IMPORTANT LEGAL
INFORMATION
Elements of this press release contain or may
contain information about ING Groep N.V. and/ or ING Bank N.V.
within the meaning of Article 7(1) to (4) of EU Regulation No 596/
2014.
Certain of the statements contained herein are not
historical facts, including, without limitation, certain statements
made of future expectations and other forward-looking statements
that are based on management's current views and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to, without limitation: (1) changes in general
economic conditions, in particular economic conditions in ING's
core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential
(partial) break-up of the euro, (4) potential consequences of
European Union countries leaving the European Union, (5) changes in
the availability of, and costs associated with, sources of
liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and
counterparty creditworthiness, (6) changes affecting interest rate
levels, (7) changes affecting currency exchange rates, (8) changes
in investor and customer behaviour, (9) changes in general
competitive factors, (10) changes in laws and regulations, (11)
changes in the policies of governments and/or regulatory
authorities, (12) conclusions with regard to purchase accounting
assumptions and methodologies, (13) changes in ownership that could
affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (14) changes in credit
ratings, (15) ING's ability to achieve projected operational
synergies and (16) the other risks and uncertainties detailed in
the most recent annual report of ING Groep N.V. (including the Risk
Factors contained therein) and ING's more recent disclosures,
including press releases, which are available on www.ING.com. Any
forward looking statements made by or on behalf of ING speak only
as of the date they are made, and, ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason.
This document does not constitute an offer to
sell, or a solicitation of an offer to purchase, any securities in
the United States or any other jurisdiction.
ING to redeem USD 552 million
Additional Tier 1 instrument
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
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