ION Markets lifts incremental loan to $140 million, cancels repricing

By Sara Rosenberg

New York, Feb. 2 – ION Markets upsized its fungible incremental term loan due April 2028 to $140 million from $125 million and increased pricing to SOFR+10 basis points CSA plus 475 bps from SOFR plus 425 bps, according to a market source.

Also, the original issue discount on the incremental term loan widened to 99.03 from 99.5, the source said.

The incremental term loan still has a 0% floor and 101 soft call protection for six months.

The company pulled the repricing of its $1.697 billion first-lien term loan due April 2028 that was talked at SOFR plus 425 bps with a 0% floor and an original issue discount of 99.75 to par.

The repricing would have reduced pricing on the existing term loan from SOFR+10 bps CSA plus 475 bps.

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

Proceeds from the incremental term loan will be used to fund a distribution.

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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