ING to redeem two series of perpetual securities
ING redeems USD 700 million 6.125% Perpetual Debt Securities and USD 1 billion 6.000% Perpetual Additional Tier 1 Contingent Convertible Capital Securities.
Given the strong CET1 position at 14.6% as well as meeting comfortably AT1 and T2 requirements ING Group announced today it will redeem two series of outstanding perpetual securities: the USD 700 million of 6.125% Perpetual Debt Securities (the “6.125% Securities”) on the call date of 15 April 2020 and the USD 1 billion of 6.000% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “6.000% Securities”) on the call date of 16 April 2020.
The 6.125% Securities (CUSIP 456837509 / NYSE: ISG) and 6.000% Securities (CUSIP 456837AE3) will each be redeemed in full in accordance with their terms, with payment to be made on 15 April 2020 and 16 April 2020, respectively.
The redemption price for the 6.125% Securities will be USD 25.00 per USD 25.00 principal amount security. The redemption price for the 6.000% Securities will be 100% of the principal amount of the securities. Accrued and unpaid interest due on the respective redemption dates will be paid in the usual manner to holders of record as of 1 April 2020 for the 6.125% Securities and as of 15 April 2020 for the 6.000% Securities. The paying agent for the 6.125% Securities and the 6.000% Securities is The Bank of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom.
Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of any of its debt securities (including its perpetual 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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