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ING Bank tenders for $2.25 billion 3.9% notes, €4 billion 3.375% notes
By Susanna Moon
Chicago, June 19 - ING Bank NV began separate tender offers for its $2.25 billion 3.9% fixed-rate notes due March 19, 2014 and its €4 billion 3.375% fixed-rate notes 2009 due March 3, 2014, both guaranteed by the State of the Netherlands.
ING Bank will pay a purchase price and accrued interest for the dollar notes at yields flat to the U.S. government bond curve and for the euro notes at yields flat to the German Government curve, according to separate press releases by ING Group.
Holders must tender their dollar notes by 5 p.m. ET on June 28 and their euro notes by 11 a.m. ET on June 28.
Funding for the offers will come from available cash, the company said.
ING Financial Markets LLC (collect 646 424-6105) and J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-4394, attn.: liability management group) are the joint dealer managers for the U.S. offer, and D.F. King &Co., Inc. (attn.: Elton Bagley, 800 735-3591 or banks and brokers call 212 269-5550) is the tender and information agent for the U.S. offer.
ING Bank NV (+32 557 16 01 or email Liabilitymanagement@ing.be) and J.P. Morgan Securities plc (+44 207 134 2468 / +44 207 134 3414, attn.: FIG syndicate / liability management) or email: FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com) are the joint dealer managers for the euro notes, and Lucid Issuer Services Ltd. (ing@lucid-is.com) is the tender agent for the euro notes.
"The purpose of the offers is to further optimize ING Bank's liability profile while reducing the amount of debt securities outstanding guaranteed by the Dutch State," the company said.
"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."
The financial services company is based in Amsterdam.
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