ION Markets to launch $1.8 billion, €1.5 billion term loans on Monday

By Sara Rosenberg

New York, March 19 – ION Markets is scheduled to hold a lender call at 10:30 a.m. ET on Monday to launch a $1.8 billion seven-year covenant-lite first-lien term loan and a €1.5 billion seven-year covenant-lite first-lien term loan, according to a market source.

Credit Suisse is the physical bookrunner on the deal. Standard Chartered and UBS are joint bookrunners.

Price talk on the U.S. term loan is Libor plus 475 basis points with a 0% Libor floor and an original issue discount of 99.5, and talk on the euro term loan is Euribor plus 425 bps with a 0% floor and a discount of 99.75, the source said.

Both term loans have 101 soft call protection for six months.

Expected term loan ratings are B3/B.

Commitments for the U.S. term loan are due at 10 a.m. ET on March 26, and commitments for the euro term loan are due at 8 a.m. ET on March 26, the source added.

Proceeds will be used to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

The borrowers are ION Trading Finance Ltd. and ION Trading Technologies Sarl.

ION Markets is a provider of trading automation, analytics and infrastructure to financial market participants.

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