5 Feb, 2021

ION Analytics completes cross-border loans; terms

ION Analytics Inc. has allocated a $1.9 billion-equivalent, cross-border cov-lite term loan via Credit Suisse and UBS. Both seven-year tranches of $920 million and €790 million were completed tighter than initially guided, with the dollar piece priced at L+400 with a 0.5% floor offered at 99.75, and the euro tranche at E+400 with a 0% floor at 99.75. Margins on both pieces are subject to a 25 bps step-down when first-lien net leverage falls to 4.75x and below. Proceeds will be used to refinance debt.

The cov-lite TLB is accompanied by a revolving credit facility that carries a maximum first-lien net leverage covenant set at 9x. ION Analytics is a capital markets data and content provider created through the merger of ION Group companies Acuris and Dealogic, and the new transaction is expected to refinance debt at both entities. Terms:

Borrower ION Analytics
Issue $920 million term loan
Spread L+400
Libor floor 0.5%
Price 99.75
Tenor Seven years
YTM 4.62%
Leverage-based margin ratchet 25 bps step-down at 4.75x first-lien net leverage
Call protection 101 soft-call for six months
Corporate ratings B/B2
Facility ratings B/B2
Recovery ratings 3
Financial covenants None
Global coordinator CS
Joint bookrunners CS, UBS
Price talk L+425, 0% floor, at 99, later tightened to L+400 at 99.5
Notes Upsized from a planned $910 million

Borrower ION Analytics
Issue €790 million term loan B
Spread E+400
Euribor floor 0%
Price 99.75
Tenor Seven years
YTM 4.11%
Leverage-based margin ratchet 25 bps step-down at 4.75x first-lien net leverage
Call protection 101 soft-call for six months
Corporate ratings B/B2
Facility ratings B/B2
Recovery ratings 3
Financial covenants None
Global coordinator CS
Joint bookrunners CS, UBS
Price talk E+425, 0% floor, at 98.5, tightened to E+400 at 99-99.5
Notes Upsized from a planned €780 million