ING Groep secures 1.275 billion euros investment in NN Group ahead of IPO

Wednesday, 30 Apr 2014 01:31am EDT 

ING Groep NV:Says it has secured investments into NN Group totaling 1.275 billion euros ahead of NN Group's intended Initial Public Offering (IPO).Says it is to issue 1.125 billion euros in subordinated notes to RRJ Capital, Temasek and SeaTown.Notes are mandatorily exchangeable into NN Group shares in three tranches through 2016.ING to also sell shares in NN Group to each investor at intended IPO totaling 150 million euros.ING is preparing NN Group, which comprises its European and Japanese insurance and investment management operations, for base case IPO in 2014.ING Group will receive 750 million euros from RRJ Capital, 425 million euros from Temasek and 100 million euros from SeaTown for allocation of NN Group shares from ING Group at IPO of NN Group and subordinated ING Group notes, mandatorily exchangeable into NN Group shares. 

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