ING has completed the issuance of €1.1 billion in subordinated notes that will, in line with the completion of the intended IPO of NN Group, be exchanged into NN Group, its European insurance unit, shares.
The group said the transaction represents an important investment into NN Group ahead of the intended IPO of ING's European and Japanese insurance and investment management activities.
As announced on April 30, 2014, ING has secured investments totalling €1.3 billion into NN Group ahead of its intended IPO by agreeing to sell €150 million in NN Group shares at the IPO to RRJ Capital, Temasek, and SeaTown Holdings International, three Asia-based investors.
The investors will be issued with €1.1 billion subordinated notes that will over time be mandatorily exchanged into NN Group shares.
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ING, IPO, Europe, NN Group