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Rating:ING Unveils Ambitions for Next Offering Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 21, 2013

ING Unveils Ambitions for Next Offering

Reported by Tommy Fernandez

Voya's Dutch masters have high hopes for their second public offering.

ING [profile] plans to sell another 30 million shares , raising nearly $1 billion, in its second public offering of Voya shares, according to an SEC filing.

In its ongoing efforts to pay back 10 billion Euros (roughly U.S. $13 billion), ING had first announced the rebranding of its U.S. arm in April and launch the IPO in May. The IPO resulted in the sale of over 60 million shares sold at about $22.5 billion, generating for the Dutch conglomerate about $1.45 billion. That sale had cut down its ownership of Voya to around 71 percent.

In this second offering, originally prepared in September, ING plans to lop off another 10 percent of ownership by selling 30 million more shares.

Moreover, under the offering's plan, ING Group would grant the underwriters for the transaction an option to purchase up to 4.5 million additional shares which, if fully exercised, would further reduce ING Group's stake in ING U.S. to approximately 58 percent.

According to the company, the final timing, size and offer price for the planned transaction have not yet been determined and remain subject to market and other conditions.

The plans for this second offering have caught the attention of a number of other news outliers, including
Bloomberg and Thomson Reuters ONE.

Here is the press release:
Company Press Release

ING U.S. Files Amended Registration Statement on Form S-1



NEW YORK, Oct. 21, 2013 -- ING U.S., Inc. (NYSE: VOYA) announced today that it has filed an amended registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) in connection with a planned public offering of ING U.S. common stock currently held by ING Group.

ING Group plans to sell 30 million shares in the offering, which would reduce ING Group's stake in ING U.S. from 71% to approximately 60%. Under the planned offering, ING Group would grant the underwriters for the transaction an option to purchase up to 4.5 million additional shares which, if fully exercised, would further reduce ING Group's stake in ING U.S. to approximately 58%. The final timing, size and offer price for the planned transaction have not yet been determined and remain subject to market and other conditions.

ING U.S. will not be issuing or selling common stock in the offering and will not receive any proceeds from the offering.

ING U.S. listed on the NYSE on May 2, 2013.

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 but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The prospectus relating to the offering may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014,

email:prospectus@morganstanley.com, telephone: (866) 718-1649; Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146, email: batprospectusdept@citi.com; and BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, email: dg.prospectus_requests@baml.com. ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible one person, one family and one institution at a time.
 

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