ION Corporates sets price talk for €730 million equivalent two-part secured notes, pricing Thursday

By Paul A. Harris

Portland, Ore., April 24 – ION Corporates set tranche sizes and price talk in its $730 million equivalent two-part offering of Helios Software Holdings, Inc. and ION Corporate Solutions Finance Sarl five-year senior secured notes (B2/B), according to market sources.

The deal includes $400 million notes talked to yield 8 ¾% to 9%, tight to initial guidance in the 9% area. Global coordinator JPMorgan is the left bookrunner. BNP Paribas and UBS are global coordinators and joint bookrunners.

It also includes €300 million notes talked in the 8% area, on top of initial guidance. Global coordinator BNP Paribas is the left bookrunner for the euro-denominated notes. JPMorgan and Goldman Sachs are global coordinators and joint bookrunners.

Books for the dollar-denominated tranche were scheduled to remain open until Wednesday’s close of business.

Euro-denominated books are set to close at 1 p.m. U.K.-time on Thursday.

The deal is also set to price on Thursday.

The notes in both tranches come with two years of call protection.

The Dublin-based provider of enterprise software plans to use the proceeds to pay off its $599 million 2028 term loan B, as well as to partially repay its €1.1 billion 2028 term loan B, to fund cash to its balance sheet and for general corporate purposes.

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