ION Markets to launch roughly $1.82 billion term loan on Wednesday

By Sara Rosenberg

New York, Jan. 23 – ION Markets will hold a lender call at 9 a.m. ET on Wednesday to launch a roughly $1.822 billion first-lien term loan due April 2028 (B3/B-), according to a market source.

UBS Investment Bank is the left lead arranger on the deal and the administrative agent.

Of the total term loan amount, $125 million is a fungible incremental term loan that will be used to fund a distribution and about $1.697 billion is for a repricing of the company’s existing term loan.

Price talk on the term loan is SOFR plus 425 basis points with a 0% floor, an original issue discount of 99.5 on new commitments, and a discount of 99.75 to par on rolled positions, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Jan. 30, the source added.

The borrowers are ION Trading Finance Ltd. and ION Trading Technologies Sarl.

ION Markets is a provider of mission-critical software for the global capital markets.

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