LONDON (LPC) – Irish software firm ION Corporates has relaunched a jumbo leveraged loan refinancing via Credit Suisse after an original deal brought via house bank UBS was pulled in May having met opposition from loan investors, banking sources said. The US$1.75bn refinancing for ION Corporates is a brand new mandate for Credit Suisse, which has restructured the original failed refinancing to make it more attractive to investors. The new loan has reduced leverage, improved ratings and features less aggressive documentation, sources said. “Given how challenging the last deal was for ION they were looking for a fresh set of eyes and this new deal has effectively been restructured to something more palatable all round,” a senior banker said. The loan originally launched in April at US$2.21bn to back the refinancing and combination of three software businesses – Openlink, TriplePoint and Wall Street Systems – known collectively as ION Systems. The loan was also due to fund a US$250m dividend payment. However, it abandoned plans in May to take a dividend, reducing the loan refinancing to US$1.96bn, before dropping the refinancing altogether later that month after it struggled to get investors support. NEW DEAL ION Corporates has now put… continue reading
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Source: CTRM Center