PPR - $.0375 April Dividend

  PPR - $.0375 April Dividend

Business Wire

SCOTTSDALE, Ariz. -- May 1, 2013

ING Prime Rate Trust (NYSE: PPR), a diversified closed-end management
investment company listed on the New York Stock Exchange, declared 3.75 cents
per share monthly dividend on April 30, 2013 for the 30 days of April, payable
on May 22, 2013 to shareholders of record on May 10, 2013. This represents the
300th consecutive monthly dividend since the Trust’s inception in May 1988.

The following are annualized distribution rate calculations based on the
declared dividend for the month, Net Asset Value (“NAV”) at month-end and the
month-end NYSE composite closing price (“Market”).

Annualized Period-end Distribution Rates   DIVIDEND   NAV     MARKET
April 30, 2013                               $ .0375      7.50%     6.83%
March 31, 2013                               $ .0380      7.38%     6.96%
February 28, 2013                            $ .0380      8.23%     7.56%
January 31, 2013                             $ .0380      7.43%     7.05%
December 31, 2012                            $ .0380      7.57%     7.22%
November 30, 2012                            $ .0370      7.60%     7.22%
October 31, 2012                             $ .0370      7.34%     7.10%
September 30, 2012                           $ .0360      7.38%     7.10%
August 31, 2012                              $ .0360      7.20%     7.12%
July 31, 2012                                $ .0350      7.09%     7.16%
June 30, 2012                                $ .0350      7.39%     7.40%
May 31, 2012                                 $ .0345      7.06%     7.38%

ING Prime Rate Trust was the first Fund to invest in a portfolio of floating
rate senior bank loans. The Trust seeks to provide as high a level of current
income as is consistent with the preservation of capital.

The Trust is managed by ING Investments, LLC and sub-advised by ING Investment
Management Co., and its shares are distributed by ING Investments Distributor,
LLC. The adviser, the sub-adviser and the distributor are indirect,
wholly-owned subsidiaries of Amsterdam-based ING Groep N.V. (NYSE: ING), one
of the world’s leading financial services companies with operations in over 65
countries. The Trust’s operations are based in Scottsdale, Arizona.

Distribution Rates are calculated by annualizing dividends declared during the
period (i.e., divide the monthly dividend amount by the number of days in the
related month and multiply by the number of days in the fiscal year) and then
dividing the resulting annualized dividend by the month-ending NAV (in the
case of NAV) or the month-end closing price on the NYSE composite (in the case
of Market). The distribution rate is based solely on actual dividends and
distributions, which are made at the discretion of management. The
distribution rate may or may not include all investment income, and ordinarily
will not include capital gains.

Past performance is no assurance of future results. Investment return and
principal value of an investment in the Trust will fluctuate. Shares, when
sold, may be worth more or less than their original cost.

Principal Risk Factor(s): The Trust invests primarily in below investment
grade, floating rate senior loans that carry a higher than normal risk that
borrowers may default in the timely payment of principal and interest on their
loans, which would likely cause the value of the Trust’s Common Shares to
decrease. Changes in short-term market interest rates will directly affect the
yield on the Trust’s Common Shares. If such rates fall, the Trust’s yield will
also fall. If interest rate spreads on Trust’s loans decline in general, the
yield on the Trust’s loans will fall and the value of the Trust’s loans may
decrease. When short-term market interest rates rise, because of the lag
between changes in such short term rates and the resetting of the floating
rates on loans in the Trust’s portfolio, the impact of rising rates will be
delayed to the extent of such lag. Because of the limited secondary market for
floating rate senior bank loans, the Trust’s ability to sell its loans in a
timely fashion and/or at a favorable price may be limited. An increase in the
demand for loans may adversely affect the rate of interest payable on new
loans acquired by the Trust, and it may also increase the price of loans
purchased by the Trust in the secondary market. A decrease in the demand for
loans may adversely affect the price of loans in the Trust’s portfolio, which
would cause the Trust’s NAV to decrease. The Trust’s use of leverage through
borrowings or issuance of preferred shares can adversely affect the yield on
the Trust’s Common Shares. The Trust may invest up to 20% of its assets in
loans to borrowers in countries outside of the U.S. and Canada. Investment in
foreign borrowers involves special risks, including potentially less rigorous
accounting requirements, differing legal systems and potential political,
social and economic adversity. The Trust may invest up to 15% of its assets in
loans that are denominated in certain foreign currencies, however, the Trust
will engage in currency exchange transactions to seek to hedge, as closely as
practicable, 100% of the economic impact to the Trust arising from foreign
currency fluctuations. Other risks include but are not limited to: Borrowings;
Preferred Shares; Diversification Risks; and Concentration Risks. Investors
should consult the Trust’s prospectus and Statement of Additional Information
for a more detailed discussion of the Trust’s risks.

For more complete information, or to obtain a prospectus on ING Prime Rate
Trust, please contact your investment professional or ING Investments
Distributor, LLC at (800) 992-0180 or www.ingfunds.com. The prospectus should
be read carefully before investing. Consider the investment objectives, risks,
and charges and expenses carefully before investing. The prospectus contains
this information and other information about the fund.

If you would like to receive this press release via email, please contact
Bonnie Dacier at Bonnie.Dacier@inginvestment.com

Contact:

ING Prime Rate Trust
Dan Norman, 480-477-2112
 
Press spacebar to pause and continue. Press esc to stop.