ION Analytics to sell $850 million equivalent eight-year secured notes in dollar, euro tranches

By Paul A. Harris

Portland, Ore., Jan. 25 – Acuris Finance US, Inc. and Acuris Finance Sarl, which do business as ION Analytics, announced that they intend to place $850 million equivalent of eight-year senior secured notes (expected ratings B2/B), according to an informed source.

The deal, with which ION Analytics is making its debut in the high-yield primary market, is coming in tranches of dollar-denominated notes with initial guidance in the low-to-mid 6% area and euro-denominated notes with initial guidance in the mid-to-high 4% area.

Tranche sizes remain to be determined, although the preliminary breakdown is $500 million and €350 million, according to a trader.

The Rule 144A and Regulation S for life deal was set to kick off on a Tuesday conference call with investors, and is expected to price on Friday.

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

The notes in both tranches become callable after three years at par plus the respective coupons.

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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