ING Groep’s $1.5 Billion SEC-registered Offering

Sullivan & Cromwell represented ING Groep.

NG Groep, the Dutch multinational banking and financial services corporation headquartered in Amsterdam, completed a $1.5 billion SEC-registered offering consisting of 5.750% perpetual additional tier 1 capital securities. Beginning November 2026, the interest rate will reset every five years at a rate equal to the applicable U.S. Treasury Rate plus 4.342%. ING, J.P. Morgan, BNP Paribas, Citigroup, Goldman Sachs and HSBC acted as joint lead managers and joint bookrunners.

The contingent convertible securities were structured to qualify as additional tier 1 capital for European and Dutch bank regulatory purposes and are listed on the Global Exchange Market of the Irish Stock Exchange.

The offering was led by S&C partners William Torchiana (Picture) and Evan Simpson.

Involved fees earner: Evan Simpson – Sullivan & Cromwell; William Torchiana – Sullivan & Cromwell;

Law Firms: Sullivan & Cromwell;

Clients: ING Groep;