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ION Corporates to launch $400 million term loan on Thursday
By Sara Rosenberg
New York, July 5 – ION Corporates is set to hold a lender call at 11 a.m. ET on Thursday to launch a $400 million seven-year term loan, according to a market source.
BNP Paribas Securities Corp. and JPMorgan Chase Bank are the leads on the deal.
The term loan has 101 soft call protection for six months, the source said.
MFN is 50 basis points with a six-month sunset.
Commitments are due at 4 p.m. ET on July 13, the source added.
Proceeds will be used to refinance $200 million of existing debt and for general corporate purposes, including a distribution and adding cash to the balance sheet.
ION is a provider of software and solutions focused on corporate treasury and commodities management.
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