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by Stephen Carter
Sep 23, 2025 8:02 AM ET
ION Platform (IONPLA) EUR/US$ 144A/Reg S sr sec note 3-part. B2/B- (stable/stable). Via GS (left US$)/JPM (left EUR)/BNP/UBS/IMI/Jefferies/StanChart jt books. No reg rights. List ISE. NY law.
- ION Platform Finance US Inc $1.5bn due 09/30/32 (7y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. CoC at 101. Pays March 31 and Sep 30, starting 03/31/26. Denoms: 200kx1k. . IPT: low 8s.
- ION Platform Finance Sarl EUR1bn 2-part. Tranche sizes TBD.
- EUR TBD due 09/30/30 (5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Pays March 31 and Sep 30, starting 03/31/26. Denoms: 100kx1k. IPT: high 6s.
- EUR TBD due 09/30/32 (7y). NC3 (MWC B+50bp). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. CoC at 101. Pays March 31 and Sep 30, starting 03/31/26. Denoms: 100kx1k. IPT: low 7s.
Roadshow 09/23-24 (investor call at 11am NYT / 3pm UKT 09/23.), loan commitments due 09/30. UOP: along with approx US$4.6bn equivalent EUR/US$ term loan B, to refinance the capital structures of the three subsidiaries ION Markets, ION Corporates and ION analytics into a consolidated ION Platform capital structure (repay existing credit facilities, existing notes will be exchanged into new notes). Privately owned by Andrea Pignataro. Biz: formed from the consolidation of 3 industry leaders ION Markets, ION Corporates and ION Analytics, which provide mission-critical technology and data solutions to global capital markets participants. HQ: New York City.