ION Corporates drops US$1.96bn loan refi

Claire Ruckin, Loan Pricing Corporation LONDON, May 14 (LPC) – Irish software firm ION Investment Group has pulled a US$1.96bn loan for ION Corporates after it dropped plans to combine three software businesses — Openlink, TriplePoint and Wall Street Systems — having met opposition from loan investors, banking sources said. It comes as private equity firm BC Partners said on Monday it would sell its majority stake in financial media and data firm Acuris, which owns the Mergermarket and Debtwire brands, to ION Investment Group. ION was hoping to fuel an acquisition drive with cash from a US$250m dividend that it was set to take from ION Corporates, however that dividend was scrapped after failing to garner investor support. When the dividend was scrapped, the loan refinancing for ION Corporates was reduced to US$1.96bn from US$2.21bn. However, the US$1.96bn loan is now off the table altogether, with the three companies set to remain separate. The plan to combine the businesses and refinance the debt could return at a later stage, the sources said. “They are no longer looking to combine the three businesses. They may revisit in future,” a senior banker said. UBS was sole lender on the ION Corporates… continue reading

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