ION Analytics downsizes notes to $425 million equivalent, revises talk; books close Friday

By Paul A. Harris

Portland, Ore., Jan. 28 – ION Analytics downsized its two-part offering of eight-year senior secured notes (B2/B) to approximately $425 million equivalent from approximately $850 million equivalent, according to market sources.

The deal, with which ION Analytics is making its debut in the high-yield primary market, features a $250 million tranche with finalized price talk of 6 1/8%, which is the wide end of earlier talk in the 6% area. Initial guidance had been in the low-to-mid 6% area.

The offering also features a €200 million tranche talked at 4¾%, in the middle of earlier price talk and initial guidance, both of which had been set in the 4¾% area.

Books close at 11:30 a.m. ET on Friday.

Although no previous tranche sizes had been announced, the market anticipated $500 million and $350 million equivalent (approximately €315 million), a trader said.

UBS is the left lead bookrunner. BNP Paribas is the joint bookrunner.

The notes in both tranches come with three years of call protection.

The issuing entities are Acuris Finance US, Inc. and Acuris Finance Sarl, which do business as ION Analytics.

The London-based market analytics and data provider plans to use the proceeds to refinance debt incurred in the Backstop acquisition, to fund a dividend for the repurchase of shares from certain minority shareholders in one or more of its parent companies, to partially prepay amounts drawn under the credit facility and for general corporate purposes.

ION Analytics services include Dealogic and Acuris.

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