ION Analytics opts to delay downsized $475 million notes offering, cites volatile market

By Paul A. Harris

Portland, Ore., Jan. 28 – ION Analytics cited volatile market conditions as it opted to delay pricing its downsized approximately $475 million equivalent two-part offering of eight-year senior secured notes (B2/B), according to a syndicate source on Friday afternoon.

Characterizing it as an opportunistic transaction, the company said it may elect to relaunch the offering when market conditions are more constructive, the source added.

Earlier Friday the transaction was downsized from approximately $850 million equivalent.

The revised deal featured a $250 million tranche with finalized price talk of 6 1/8%, at the wide end of earlier talk in the 6% area. It also featured a €200 million tranche talked at 4¾%, in the middle of earlier price talk and initial guidance.

Pricing had been set for 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, which was set to make its debut in the high-yield market with this transaction.

The London-based market analytics and data provider planned 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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