Milbank Advises ION Markets on Its Debut Issuance of $450 Million Senior Secured Notes

Milbank LLP has advised ION Trading Technologies S.à r.l. (“ION Markets”) in connection with its debut issuance of $450 million 5.750% Senior Secured Notes due 2028. This represented the second bond issuance by a portfolio company of the ION Investment Group and was executed substantially concurrently with the debut bond offerings by ION Corporates and ION Analytics.  Milbank advised the issuers on all three offerings which closed in April and May 2021.

ION Markets is an industry-leading global technology company that provides mission-critical software, data and analytics for the trading operations of financial market participants around the world. It provides real-time market data and connectivity to over 480 venues through more than 50 data centers, covering six major financial asset classes, with its software allowing customers to automate the complete trade life cycle on a single platform.

Proceeds from the new issuance are intended to fund the purchase price for the acquisition of DASH Financial Technologies, the leading algorithm-based, electronic technology and execution provider for options in the United States.

Credit Suisse Securities (USA) LLC acted as global coordinator and joint bookrunner and Standard Chartered Bank acted as a joint bookrunner.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Rebecca Marques and included associate Anish Mohanty. Special counsels Joji Ozawa and Trevor Truman and associates Varun Natteri Mangadu, Iakovos Anagnostopoulos and Lefteris Dafermos also provided valuable assistance on the offering.