ION Analytics sets talk in $850 million equivalent two-part secured notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., Jan. 27 – Acuris Finance US, Inc. and Acuris Finance Sarl, which do business as ION Analytics, set price talk in their $850 million equivalent two-part offering of eight-year senior secured notes (B2/B) on Thursday, according to market sources.

The deal, with which ION Analytics is making its debut in the high-yield primary market, is coming in tranches of dollar-denominated notes talked to yield in the 6% area, tight to initial guidance in the low-to-mid 6% area, and euro-denominated notes talked in the 4¾% area, in line 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 equivalent in euros, according to a trader.

Books close at 9 a.m. ET on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

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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