Commentary & Deal Flow

Postponed due to market conditions: Given volatile market conditions and opportunistic nature of the transaction, ION Analytics has decided to delay the transaction and may consider re-launching when markets are more constructive.

Acuris Finance US Inc/Acuris Finance Sarl (dba ION Analytics) (ILOGIC) approx US$473m equivalent (down from US$850m equivalent) (USD/EUR) 144A/Reg S 8NC3 1st lien sr sec notes 2-part. B2/B (stable/stable). Via UBS/BNP jt books. No reg rights. NY law.

- US$250m due 2030 (8y). NC3 (MWC T+50bp), then at 103.063, 101.531, 100. Equity claw: 3y 40% at 106.125. IPT: low-to-mid 6% area. Px talk: 6.00% area. Revised sizing/px talk: US$250m at 6.125%.

- EUR200m (approx US$223m equivalent) due 2030 (8y). NC3 (MWC B+50bp), then at 102.375, 101.188, 100. Equity claw: 3y 40% at 104.75. List ISE. IPT: mid-to-high 4% area. Px talk: 4.75% area. Revised sizing/px talk: EUR200m at 4.75%.

Did investor call at 11am NYT / 4pm UKT Tues. Books closed at 11:30am NYT / 4:30pm UKT today (originally closing at 9am NYT/2pm UKT today). UOP: repay $275m bridge loan incurred to fund Backstop Solutions Group (acquired 12/28/21), fund a $100m dividend for the repurchase of shares from certain minority shareholders in one or more of its parent companies, repay $450m of its term loans, and $25m for GCP. Equity sponsor: ION Investments. Biz: a global data, content and technology company combining two companies n the capital markets data, content and intelligence: Dealogic and Acuris. HQ: New York City/London.