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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WASHINGTON, D.C. 20549</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Report (Date of earliest event reported) November 13, 2012</FONT>&nbsp;</TD></TR>

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   <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ING USA Annuity and Life Insurance Company</FONT></B></TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">IOWA</FONT></TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(State of Incorporation)</FONT></TD></TR></TABLE></DIV>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">333-133076, 333-133152, 333-133153,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">333-133154, 333-133155, 333-158928</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission File Numbers)</FONT></TD></TR>

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   <TD>&nbsp;</TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">#41-0991508</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(IRS Employer Identification Number)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1475 Dunwoody Drive, West Chester, PA 19380-1478</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices) (Zip Code)</FONT></TD></TR>

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   <TD>&nbsp;</TD></TR>

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   <TD noWrap align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant's telephone number, including area code 610-425-3400</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filing obligation of the registrant under any of the following provisions:</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17 CFR 240.14d-2(b))</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17 CFR 240.13e-4(c))</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">This filing is made in accordance with Items No. 1.01 and 1.02 of Section 1 of Form 8-K:</FONT></B><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The material agreements described below under November 2012 Transaction to which ING USA<BR></FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Annuity and Life Insurance Company (the &#8220;Company&#8221;)</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;is a party were executed on November 13, 2012<BR>and will be filed as </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">exhibits to the Company&#8217;s 2012 Annual Report on Form 10-K.</FONT></TD></TR></TABLE></P>

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   <TD style="TEXT-INDENT: 0pt" noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.01</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entry into a Material Definitive Agreement</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.02</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Termination of Material Definitive Agreement</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Background:</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In the first quarter of 2009, ING Groep N.V. (&#8220;ING&#8221;) reached an agreement, for itself and on</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">behalf of certain ING affiliates including the Company, with The State of the Netherlands (the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#8220;Dutch State&#8221;) on an Illiquid Assets Back-Up Facility (the &#8220;Back-Up Facility&#8221;) covering 80% of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING's Alt-A residential mortgage-backed securities (&#8220;RMBS&#8221;). Under the terms of the Back-Up</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Facility, a full credit risk transfer to the Dutch State was realized on 80% of ING's Alt-A RMBS</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">owned by ING Bank, fsb and certain ING affiliates that are subsidiaries of ING U.S., Inc.,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including the Company with an aggregate book value of $36.0 billion, including book value of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$1.4 billion of the Alt-A RMBS portfolio owned by the Company (with respect to the Company's</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio, the &#8220;Designated Securities Portfolio&#8221;) (the &#8220;ING-Dutch State Transaction&#8221;). As a result</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the risk transfer, the Dutch State participates in 80% of any results of the ING Alt-A RMBS</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio. The risk transfer to the Dutch State took place at a discount of approximately 10% of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">par value. In addition, under the Back-Up Facility, the Company and the Dutch State were</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">obligated to pay other fees. Each ING company participating in the ING-Dutch State Transaction,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including the Company remained the legal owner of 100% of its Alt-A RMBS portfolio and</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">remained exposed to 20% of any results on its portfolio. The ING-Dutch State Transaction closed</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on March 31, 2009, with the risk transfer to the Dutch State taking effect as of January 26, 2009.</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In order to implement that portion of the ING-Dutch State Transaction related to the Company's</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Designated Securities Portfolio, the Company entered into a participation agreement dated as of</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">March 31, 2009 by and among itself and its affiliates, ING Support Holding B.V. (&#8220;ING Support</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holding&#8221;) and ING pursuant to which the Company conveyed to ING Support Holding an 80%</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participation interest in its Designated Securities Portfolio and agreed to pay a periodic</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">transaction fee (together with subsequent amendment, the &#8220;Participation Agreement&#8221;). As</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consideration for the participation interest conveyed under the Participation Agreement, ING</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Support Holding assigned to the Company, pursuant to the Deed of Assignment of Receivables</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">among ING Support Holding, the Company, the Dutch State and Stichting Derdengelden ING</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Support Holding (the &#8220;Collection Foundation&#8221;) (the &#8220;Dutch State Obligation&#8221;) the right to receive</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">payments from the Dutch State under the Illiquid Assets Back-Up Facility dated as of March 31,</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2009 related to the Company's Designated Securities Portfolio among ING, ING Support Holding</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and the Dutch State (together with subsequent amendment, the &#8220;Company Back-Up Facility&#8221;).</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Under the Company Back-Up Facility, the Dutch State is obligated to pay certain periodic fees</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and make certain periodic payments with respect to the Company's Designated Securities</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Portfolio, and ING Support Holding is obligated to pay a periodic guarantee fee and make</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">periodic payments to the Dutch State equal to the distributions made with respect to the 80%</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participation interest in the Company's Designated Securities Portfolio.</FONT></TD></TR></TABLE></P></DIV>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">November 2012 Transaction:</FONT><BR>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In furtherance of the anticipated separation of ING U.S., Inc. and its subsidiaries from ING, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company and certain ING affiliates entered into agreements to restructure and effectively delink</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Company and other subsidiaries of ING U.S., Inc. from the Back-Up Facility. The Company,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding, ING and ING Bank N.V. (&#147;ING Bank&#148;) entered into a Participation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Termination Agreement dated as of November 13, 2012 (the &#147;Termination Agreement&#148;) pursuant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to which the Participation Agreement was terminated effective November 14, 2012. As</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consideration for such termination, on November 14, 2012 the Company discharged its obligation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to pay ING Support Holding the net present value of the transaction fee payment streams due</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under the Participation Agreement (the &#147;Transaction Fee Termination Amount&#148;) by set-off</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">against the Company Back-up Facility Receivables Amount (as hereinafter defined) owed by ING</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Support Holding to the Company, and the Company transferred legal title to 80% of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company&#146;s Designated Securities Portfolio to ING Bank. From and after November 14, 2012</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Bank will hold such transferred securities in a custody account for the benefit of the Dutch</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">State. Pursuant to the terms of the Termination Agreement, the Company continues to own 20%</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of its Designated Securities Portfolio (the &#147;Retained 20%&#148;) and going forward has the right to sell</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Retained 20% subject to a right of first refusal granted to ING Bank.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Company, ING Support Holding, ING Bank, the Dutch State and the Collection Foundation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entered into a 2012 Deed of Assignment of IABF Receivables pursuant to which the Company</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">sold the Dutch State Obligation with a carrying value of approximately &#36;545.4 million as of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">September 30, 2012 to ING Support Holding on November 14, 2012, and as consideration for</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such transfer, ING Support Holding paid to the Company the net present value of the payment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">streams due from the Dutch State under the Company Back-up Facility (the &#147;Company Back-up</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Facility Receivables Amount&#148;) less the Transaction Fee Termination Amount owed by the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company to ING Support Holding under the Termination Agreement.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The termination of the Participation Agreement and the sale of the Dutch State Obligation was</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">immaterial to the results of operation and financial position of the Company.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING Support Holding is a direct, wholly owned subsidiary of ING, a global financial services</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">holding company based in The Netherlands. ING Bank is a direct, wholly owned subsidiary of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING. The Company is an indirect, wholly-owned subsidiary of ING U.S., Inc. which is an</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">indirect, wholly owned subsidiary of ING. ING U.S., Inc. and its subsidiaries constitute ING&#146;s</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">U.S.-based retirement, investment management and insurance operations, including the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company.</FONT></TD></TR></TABLE>
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   <TD noWrap align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">caused this report to be signed on this 19</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">th </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">day of November, 2012 on its behalf by the</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">undersigned hereunto duly authorized.</FONT></TD></TR></TABLE></P>

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   <TD noWrap><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ING USA Annuity and Life Insurance Company</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Registrant)</FONT></TD></TR></TABLE></P>

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   <TD noWrap><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/Megan Huddleston</FONT></U><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Megan Huddleston</FONT><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Secretary</FONT></TD></TR></TABLE></P></DIV>

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ingusaform8knov2012.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 13, 2012
ING USA Annuity and Life Insurance Company
--------------------------------------
(Exact name of registrant as specified in its charter)
IOWA
(State of Incorporation)
333-133076, 333-133152, 333-133153,
333-133154, 333-133155, 333-158928
(Commission File Numbers)
#41-0991508
(IRS Employer Identification Number)
1475 Dunwoody Drive, West Chester, PA 19380-1478
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 610-425-3400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
This filing is made in accordance with Items No. 1.01 and 1.02 of Section 1 of Form 8-K:
The material agreements described below under November 2012 Transaction to which ING USA
Annuity and Life Insurance Company (the "Company")
is a party were executed on November 13, 2012
and will be filed as
exhibits to the Company's 2012 Annual Report on Form 10-K.
Item 1.01
Entry into a Material Definitive Agreement
Item 1.02
Termination of Material Definitive Agreement
Background:
In the first quarter of 2009, ING Groep N.V. ("ING") reached an agreement, for itself and on
behalf of certain ING affiliates including the Company, with The State of the Netherlands (the
"Dutch State") on an Illiquid Assets Back-Up Facility (the "Back-Up Facility") covering 80% of
ING's Alt-A residential mortgage-backed securities ("RMBS"). Under the terms of the Back-Up
Facility, a full credit risk transfer to the Dutch State was realized on 80% of ING's Alt-A RMBS
owned by ING Bank, fsb and certain ING affiliates that are subsidiaries of ING U.S., Inc.,
including the Company with an aggregate book value of $36.0 billion, including book value of
$1.4 billion of the Alt-A RMBS portfolio owned by the Company (with respect to the Company's
portfolio, the "Designated Securities Portfolio") (the "ING-Dutch State Transaction"). As a result
of the risk transfer, the Dutch State participates in 80% of any results of the ING Alt-A RMBS
portfolio. The risk transfer to the Dutch State took place at a discount of approximately 10% of
par value. In addition, under the Back-Up Facility, the Company and the Dutch State were
obligated to pay other fees. Each ING company participating in the ING-Dutch State Transaction,
including the Company remained the legal owner of 100% of its Alt-A RMBS portfolio and
remained exposed to 20% of any results on its portfolio. The ING-Dutch State Transaction closed
on March 31, 2009, with the risk transfer to the Dutch State taking effect as of January 26, 2009.
In order to implement that portion of the ING-Dutch State Transaction related to the Company's
Designated Securities Portfolio, the Company entered into a participation agreement dated as of
March 31, 2009 by and among itself and its affiliates, ING Support Holding B.V. ("ING Support
Holding") and ING pursuant to which the Company conveyed to ING Support Holding an 80%
participation interest in its Designated Securities Portfolio and agreed to pay a periodic
transaction fee (together with subsequent amendment, the "Participation Agreement"). As
consideration for the participation interest conveyed under the Participation Agreement, ING
Support Holding assigned to the Company, pursuant to the Deed of Assignment of Receivables
among ING Support Holding, the Company, the Dutch State and Stichting Derdengelden ING
Support Holding (the "Collection Foundation") (the "Dutch State Obligation") the right to receive
payments from the Dutch State under the Illiquid Assets Back-Up Facility dated as of March 31,
2009 related to the Company's Designated Securities Portfolio among ING, ING Support Holding
and the Dutch State (together with subsequent amendment, the "Company Back-Up Facility").
Under the Company Back-Up Facility, the Dutch State is obligated to pay certain periodic fees
and make certain periodic payments with respect to the Company's Designated Securities
Portfolio, and ING Support Holding is obligated to pay a periodic guarantee fee and make
periodic payments to the Dutch State equal to the distributions made with respect to the 80%
participation interest in the Company's Designated Securities Portfolio.
November 2012 Transaction:
In furtherance of the anticipated separation of ING U.S., Inc. and its subsidiaries from ING, the
Company and certain ING affiliates entered into agreements to restructure and effectively delink
the Company and other subsidiaries of ING U.S., Inc. from the Back-Up Facility. The Company,
ING Support Holding, ING and ING Bank N.V. ("ING Bank") entered into a Participation
Termination Agreement dated as of November 13, 2012 (the "Termination Agreement") pursuant
to which the Participation Agreement was terminated effective November 14, 2012. As
consideration for such termination, on November 14, 2012 the Company discharged its obligation
to pay ING Support Holding the net present value of the transaction fee payment streams due
under the Participation Agreement (the "Transaction Fee Termination Amount") by set-off
against the Company Back-up Facility Receivables Amount (as hereinafter defined) owed by ING
Support Holding to the Company, and the Company transferred legal title to 80% of the
Company's Designated Securities Portfolio to ING Bank. From and after November 14, 2012
ING Bank will hold such transferred securities in a custody account for the benefit of the Dutch
State. Pursuant to the terms of the Termination Agreement, the Company continues to own 20%
of its Designated Securities Portfolio (the "Retained 20%") and going forward has the right to sell
the Retained 20% subject to a right of first refusal granted to ING Bank.
The Company, ING Support Holding, ING Bank, the Dutch State and the Collection Foundation
entered into a 2012 Deed of Assignment of IABF Receivables pursuant to which the Company
sold the Dutch State Obligation with a carrying value of approximately $545.4 million as of
September 30, 2012 to ING Support Holding on November 14, 2012, and as consideration for
such transfer, ING Support Holding paid to the Company the net present value of the payment
streams due from the Dutch State under the Company Back-up Facility (the "Company Back-up
Facility Receivables Amount") less the Transaction Fee Termination Amount owed by the
Company to ING Support Holding under the Termination Agreement.
The termination of the Participation Agreement and the sale of the Dutch State Obligation was
immaterial to the results of operation and financial position of the Company.
ING Support Holding is a direct, wholly owned subsidiary of ING, a global financial services
holding company based in The Netherlands. ING Bank is a direct, wholly owned subsidiary of
ING. The Company is an indirect, wholly-owned subsidiary of ING U.S., Inc. which is an
indirect, wholly owned subsidiary of ING. ING U.S., Inc. and its subsidiaries constitute ING's
U.S.-based retirement, investment management and insurance operations, including the
Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on this 19
th
day of November, 2012 on its behalf by the
undersigned hereunto duly authorized.
ING USA Annuity and Life Insurance Company
(Registrant)
/s/Megan Huddleston
Megan Huddleston
Secretary