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.
Compliments of ING, a member of the EACCNY