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ION Analytics, Greystone Select Financial table loan transactions due to market conditions
By Sara Rosenberg
New York, Nov. 3 – In primary happenings on Tuesday, ION Analytics decided to postpone its U.S. and euro term loan as a result of market volatility, and Greystone Select Financial LLC pulled its term loan B from market as well.
ION pulls loan
ION Analytics withdrew its $1.85 billion equivalent U.S. and euro seven-year covenant-lite term loan from market, according to market sources.
Talk on the U.S. term loan tranche was Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the euro term loan tranche was Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 98.5. Both tranches had 101 soft call protection for six months.
UBS Investment Bank and Credit Suisse were leading the deal that was going to be used to refinance existing debt. UBS was the left lead on the U.S. loan and Credit Suisse was the left lead on the euro loan.
The loan was postponed due to market volatility ahead of Tuesday’s U.S. presidential elections and it is expected that “the refinancing will be completed when markets are more stable and constructive,” sources added.
London-based ION Analytics was formed through the combination of Dealogic and Acuris, two providers of capital markets data, content and intelligence.
Greystone shelves deal
Greystone Select Financial removed from market its $400 million seven-year term loan B (Ba2/B+/BB-) due to unfavorable conditions, a market source remarked.
The term loan was talked at Libor plus 400 bps to 425 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
Wells Fargo Securities LLC was leading the deal that was going to be used to repay certain existing corporate term debt, fund future growth in the business and pay transaction-related fees and expenses.
Greystone is a New York-based commercial real estate finance and investment company.
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