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by Stephen Carter
Sep 30, 2025 2:55 PM 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. Settles 10/07 (T+5).
- ION Platform Finance US Inc $1.5bn due 09/30/32 (7y). NC3 (09/30/28) (MWC T+50bp), then at 103.9375 09/30/28, 101.96875 09/30/29, 100 09/30/30. Equity claw: 3y 40% at 107.875. 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. 144A CUSIP: 46205QAB4; 144A ISIN: US46205QAB1. IPT: low 8s. Price talk: 8.00% area. Final terms: US$1.5bn 7.875% at 99.343, yield 8.00%. Priced: 7.875% at 99.343, yield 8.00%. +409bp vs 4.125% 11/15/32.
- ION Platform Finance Sarl EUR1.1bn (up from EUR1bn) 2-part.
- EUR500m due 09/30/30 (5y). NC2 (09/30/27) (MWC B+50bp), then at 103.25 09/30/27, 101.625 09/30/28, 100.00 09/30/39. Equity claw: 2y 40% at 106.50. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Pays March 31 and Sep 30, starting 03/31/26. Denoms: 100kx1k. Reg S XS3194940147. IPT: high 6s. Price talk: 6.50%-6.75%. Final terms: EUR500m 6.50% at 100. Priced: 6.50% at 100. +424bp vs 0.00% DBR 08/15/30.
- EUR600m due 09/30/32 (7y). NC3 (09/30/28). MWC B+50bp), then at 103.4375, 09/30/28, 101.71875 09/30/29, 100 09/30/30. Equity claw: 3y 40% at 106.875. Special call: 10% per year the 1st 3 years at 103. CoC at 101. Pays March 31 and Sep 30, starting 03/31/26. Denoms: 100kx1k. Reg S ISIN: XS3194941111. IPT: low 7s. Price talk: 7% area. Final terms: EUR600m 6.875% at 100. Priced: 6.875% at 100. +447bp vs 0.00% due 02/15/32.
EUR100m note upsize and EUR50m term loan upsize to pay AI and additional fees (including OID). Roadshow 09/23-24 (investor call at 11am NYT / 3pm UKT 09/23.). Books closed US$ at 5pm NYT 09/29, EUR at 12pm UKT 09/30, loan commitments due US$ 5pm NYT 09/29, EUR 12pm UKT 09/30. Reconfirm were due by 11:45am NYT / 4:45pm UKT 09/30. UOP: along with approx US$ 4.655bn (up from 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.