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ING Prime Rate Trust Issues Notice of Redemption for Auction-Rate Preferred Securities

Tuesday June 24, 2008 - 16:37 PM EDT

Source: PR Newswire Author: ING Funds

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SCOTTSDALE, Ariz., June 24 /PRNewswire-FirstCall/ -- ING Prime Rate Trust (NYSE:PPR) has announced today that it has issued a notice of redemption in respect of a portion of its auction-rate preferred securities (ARPS). The Trust is a diversified closed-end management investment company listed on the New York Stock Exchange that invests primarily in below investment grade, floating rate, secured senior loans and other floating rate debt.

The Trust will be redeeming $225 million of the $450 million ARPS outstanding on a pro rata basis by series at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends. The table below lists the total number and par amount of ARPS to be redeemed per series and the scheduled redemption dates:

PPR ARPS Series

Cusip #

Total Shares Redeemed

Total Liquidation Preference

Redemption Date

Series M Series T Series W Series Th Series F Totals

44977W205 44977W304 44977W403 44977W502 44977W601

1,800 1,800 1,800 1,800 1,800 9,000

$45,000,000 $45,000,000 $45,000,000 $45,000,000 $45,000,000 $225,000,000

July 15, 2008 July 16, 2008 July 17, 2008 July 18, 2008 July 21, 2008

Notice was sent yesterday to the Trust's paying agent to commence the process.

With respect to this partial redemption, The Depository Trust Company (DTC) will determine how the partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are to be allocated among its customers who are beneficial owners. The procedures used by various broker- dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

ING Investments, LLC, the Trust's investment adviser, is part of ING, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 130,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

For more complete information about the Trust, shareholder inquiries or to obtain a prospectus please call ING Funds Shareholder Services at (800) 992-0180. The prospectus should be read carefully before investing. Consider the Trust's investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the Trust.

Certain statements made on behalf of the Trust in this release may be considered forward-looking statements. The Trust's actual future results may differ significantly from those anticipated in any forward-looking

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