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ION Corporates ups dollar notes, sets pricing on dual-currency deal
Chicago, April 25 – ION Corporates increased the size of one of the tranches on its dual-currency note offering (B2/B) and set the coupons with reconfirmations due Thursday morning on the U.S. portion, according to a market source.
Helios Software Holdings, Inc. and ION Corporate Solutions Finance Sarl are offering an upsized $500 million of 8¾% five-year notes. The tranche has increased from $400 million. The coupon will be 8¾%. Yield talk was 8¾% to 9%. Initial guidance was in the 9% area.
The deal also includes €300 million of five-year notes with a 7 7/8% coupon. Talk was in the 8% area, on top of initial guidance.
Both tranches include two years of call protection, with annual step-downs in the fixed call prices to a percentage of the coupon after the call protection expires. The company may also redeem 10% of the notes at 103 during the non-call period.
Change-of-control protection is set at 101.
Books had closed on the dollar portion at the end of the day on Wednesday before the deal upsized. The books on the euro portion are scheduled to stay open through midday in London.
Documentation changes were made to add the inclusion of J. Crew language conforming to the company’s existing term loan.
The joint global coordinators on the euro tranche are BNP Paribas (left lead), JPMorgan and Goldman Sach International. The joint bookrunners are UBS Investment Bank, Standard Chartered Bank and Jefferies.
For the dollar notes, JPMorgan is the left lead. BNP Paribas and UBS Investment join JPMorgan as joint global coordinators. Goldman Sach International, Standard Chartered Bank and Jefferies are joint bookrunners.
The Dublin-based provider of enterprise software plans to use the proceeds to pay off its $599 million 2028 term loan B, as well as to partially repay its €1.1 billion 2028 term loan B, to fund cash to its balance sheet and for general corporate purposes. The proceeds from the upsized dollar note will be used to repay the company’s term loan B.
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