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Financial Services

ING Groep N.V. (ING) is a financial institution. The Company offers banking services. The Company's segments include Retail Netherlands, which offers current and savings accounts, business lending, mortgages and other consumer lending in the Netherlands; Retail Belgium, which offers products that are similar to those in the Netherlands; Retail Germany, which offers current and savings accounts,... see more

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ING Groep ADR Rep 1 Ord Shs > Getting rid of expensive debt

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Post by prested on Feb 16, 2024 1:03pm

Getting rid of expensive debt

ING to redeem Perpetual Capital Securities

Friday, February 16, 2024, 2:00 AM ET

ING to redeem Perpetual Capital Securities

ING to redeem Perpetual Capital Securities

ING announced today it will redeem US$ 1,250 million of 6.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities on the call date being 16 April 2024, in line with ING's goal to continuously optimize its capital structure.

The securities (ISIN XS1956051145) will be redeemed in full in accordance with their terms, with payment to be made on 16 April 2024. The redemption price will be the principal amount together with any outstanding payments. The paying agent for the 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 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.