IHS Markit prepays, terminates 364-day loan using cash, revolver

By Wendy Van Sickle

Columbus, Ohio, Jan. 17 – IHS Markit Ltd. fully prepaid and terminated the 364-day term loan credit facility it entered into in June 2018 with HSBC Bank USA, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

In connection with the prepayment, which was effective on Jan. 7, IHS Markit paid a total consideration of about $250.9 million, including $250 million of outstanding principal and $900,000 of accrued interest.

The company funded the repayment using cash on hand and borrowings under its revolving credit facility, also entered into in June 2018.

The 364-day term loan credit facility bore interest at Libor plus a spread of 100 basis points to 175 bps, depending upon the company’s credit rating. The spread over Libor was subject to a step-up of 25 bps on the 180th day following the closing date of the facility and step-up of 50 bps on the 270th day following the closing date of the facility.

As previously reported by Prospect News, IHS Markit entered into a commitment letter with HSBC in May 2018 for a 364-day $1,855,000,000 term loan to finance its acquisition of Ipreo, a New York-based provider of new issuance software solutions across the equity, fixed income, municipal and syndicated loan markets.

IHS Markit is a London-based financial information and services company.

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