Market Overview

ING US Prices 33M ING US Common Shares at $29.50/Share

ING U.S. (NYSE: VOYA) announced today the pricing of 33 million shares of its common stock being offered by ING Group at a price to the public of $29.50 per share. The offering is approximately $974 million in size and will reduce ING Group's ownership in ING U.S. to approximately 59 percent immediately following the closing of the transaction.

In addition, ING Group has granted the underwriters in the offering an option, exercisable within 30 days, to acquire up to approximately an additional 5 million shares from ING Group at the offering price.  If fully exercised, this option would further reduce ING Group's ownership in ING U.S. to approximately 57%.

ING U.S. will not receive any proceeds from the offering.  Closing of the offering is expected to occur on October 29, 2013, subject to customary closing conditions.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Citigroup Global Markets Inc., and BofA Merrill Lynch are acting as joint global coordinators for the offering.

The registration statement relating to these securities has been filed with the SEC and has become effective. The offering of these securities will be made only by means of a prospectus. Copies of the prospectus relating

See full press release

Posted-In: Earnings News Guidance Offerings Management Global

 

Related Articles (VOYA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters