Ion Analytics sets investor call for cross-border secured notes offering

Acuris Finance US Inc. and Acuris Finance SARL, doing business as ION Analytics Inc., are tapping the bond market with an $850 million equivalent offering split between U.S. dollar- and euro-denominated eight-year senior secured notes, according to market sources. An investor call is scheduled today at 11 a.m. EST/4 p.m. London time via UBS (left lead) and BNP Paribas.

Sources note initial price thoughts are tipped in the low-to-mid 6% area for the dollar bonds and in the mid-to-high 4% area for the euro paper.

ION Analytics is a capital markets data and content provider created through the merger of ION Group companies Acuris and Dealogic.

The proceeds of the new notes will be used to refinance debt incurred used to finance 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 an existing credit facility and to fund general corporate purposes.

Both tranches will be non-callable for three years, with a first call at par plus 50% of the coupon. Additional structure details include an up-to-40% equity claw for the first three years and a change of control put at 101%. Banks are guiding the debt with expected B/B2 ratings.

In 2021, Ion Analytics allocated a $1.9 billion-equivalent, cross-border cov-lite term loan due February 2028 comprising $920 million (L+400, 0.5% floor) and €790 million (E+400, 0% floor) tranches.