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ION Trading discloses price talk on $2.1 billion incremental loan
By Sara Rosenberg
New York, May 8 – ION Trading Finance Ltd. came out with price talk on its $2.1 billion equivalent U.S. and euro senior secured incremental covenant-light first-lien term loan in connection with its New York bank meeting on Tuesday, according to a market source.
A bank meeting for European investors will take place in London on Thursday.
The U.S. loan tranche is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5 and the euro loan tranche is talked at Euribor plus 350 bps with a 1% floor and a discount of 99.5, the source said.
All of the term loan debt has 101 soft call protection for six months.
UBS Investment Bank is the lead arranger and bookrunner on the deal.
Commitments are due on May 23, the source added.
In addition to the term loan, the company has received a commitment for a €20 million incremental revolving credit facility.
Proceeds will be used to help fund the acquisition of Fidessa Group plc for £38.703 per share. The transaction is valued at about £1.5 billion.
Also, ION Investment Corp. Sarl has received a commitment for a $200 million 180-day senior unsecured bridge loan as part of the acquisition financing package. This bridge loan is not expected to be sold.
ION Trading is a software provider of trading, treasury and workflow solutions. Fidessa is provider of trading, investment and information solutions for the financial community.
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