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ING Groep N.V., 6.20% ING Perpetual Debt Securities
Ticker Symbol: ISP* CUSIP: 456837400 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/15/2017
Security has been Called for: Sunday, October 15, 2017
13 September 2017 -- ING Group announced today it will redeem USD 500 million of 6.2% Perpetual Debt Securities on the call date being 15 October 2017, in line with ING’s goal to continuously optimize its capital structure. The securities (CUSIP 456837400; ISP) will be redeemed in full in accordance with their terms, with payment to be made on 16 October 2017, the first business day after the call date. The redemption price will be USD 25.00 per USD 25.00 principal amount security. Accrued and unpaid interest due on the redemption date will be paid in the usual manner, to holders of
record as of 1 October 2017. The paying agent for the securities is The Bank of New York Mellon, 101 Barclay Street, Floor 7E, New York, New York 10286. ____________ The following is quoted from an email received by a QOL user from ING Groep N.V. Investor Relations on 11/16/2004:
"Distributions on the 6.2% ING Perpetual Securities, the 7.05% ING Perpetual Securities and the 7.20% ING Perpetual Securities should be eligible for the 15% maximum rate if paid to a non-corporate U.S. shareholder in a taxable year beginning before January 1, 2009, assuming that the shareholder satisfies the 60-day or 90-day holding period requirement (whichever is applicable to the specific dividend). As you noted in your e-mail, Sullivan & Cromwell provided an opinion to this effect, in the case of the 6.2% ING Perpetual Securities (reflected in the tax disclosure in the offering circular. We have also obtained an opinion from Sullivan & Cromwell that both the 7.05% ING Perpetual Securities and the 7.20% ING Perpetual Securities are substantially identical to the 6.2% ING Perpetual Securities."
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QUANTUMONLINE.COM SECURITY DESCRIPTION: ING Groep N.V., 6.20% ING Perpetual Debt Securities, issued in $25 denominations, redeemable at the issuer's option on 1/15/2009 or on any interest payment date thereafter at $25 per share plus accrued and unpaid interest, with no stated maturity date, and with distributions of 6.20% ($1.55) per annum paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on 1/1, 4/1, 7/1 & 10/1 respectively. The company has the right to defer interest payments for any period of time. Dividends paid by these debt securities are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The debt securities are unsecured, junior subordinated obligations of the company and will rank junior to all existing and future senior unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ING)
IPO - 10/21/2003 - 20.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $500.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: Amstelveenseweg 500, 1081 KL Amsterdam, The Netherlands |
| Main Phone Number |
+31-20-541-5460 |
| Fax Number |
+31-20-541-5451 |
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Inv Rel Phone Number
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+31-20-541-5571 |
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