ION Corporate boosts cross-border recap loan to $2.1B, tightens pricing

ION Corporate has increased its cross-border term loan financing to $2.1 billion-equivalent from $1.9 billion, and revised price talk tighter on both tranches. Credit Suisse is sole coordinator and bookrunner on the deal, with recommitments due at 10 a.m. ET on the dollars and noon UK time for the euros.

The revised terms leave the seven-year, first lien loan split as follows:

• $910 million term loan B at L+375, 0% floor, offered at 99.75 (versus $860 million at L+375-400, 0%, 99.5 at launch)
• €1.01 billion term loan B at E+375, 0% floor, 99.75-100 (versus €860 million at E+375-400, 0%, 99.5 at launch)

Updated pricing suggests a yield of 4.04% on the dollars and 3.80%-3.85% on the euros. Helios Software Holdings and ION Corporate Solutions Finance SARL are the borrowers. Both pieces carry six months of 101 soft-call protection. Corporate ratings are B/B2, and the facility ratings are B/B2 with an S&P Global Ratings recovery rating of 4.

Proceeds will refinance debt and fund a dividend.

ION Corporate was last in the market in October 2019 with six-year term loans of $655 million and €1 billion, priced at L/E+425 with a 0% floor. The euro-denominated tranche of the facility was quoted around 100.25/100.75 before the refinancing was announced, according to market participants.

ION Corporate was formed out of the merger of Wall Street Systems Holdings, OpenLink International Holdings and Triple Point Group Holdings — all of which had been portfolio companies of ION Investment Group. ION Corporate's products enable clients to manage treasury, foreign exchange and commodity risk exposure by providing risk data and analytics, as well as back-end integration to banking and trading systems.