Latham & Watkins Advises Bank Syndicate on Refinancing of ION Platform

Latham & Watkins advised a syndicate of banks acting as dealer managers and initial purchasers, led by Goldman Sachs International and J.P. Morgan, in connection with the refinancing of ION Platform and related exchange and new-note issuances. The transaction comprised an exchange offer and consent solicitation with an aggregate amount equivalent to $3.6 billion, covering multiple series of senior secured notes previously issued by certain subsidiaries of ION Platform Investment Group Limited (ION Platform). The operation also included the issuance of new senior secured notes in U.S. dollars and euros maturing in 2030 and 2032 for an aggregate amount equivalent to approximately $2.7 billion. As part of the exchange offer and consent solicitation, holders of previously issued senior secured notes by ION Markets, ION Corporates and ION Analytics were offered the opportunity, among other things, to exchange U.S. dollar-denominated senior secured notes of approximately $3.1 billion maturing in 2028 and 2029, and euro-denominated senior secured notes of €425 million maturing in 2029, for newly issued notes of ION Platform. In addition, the banks, led by Goldman Sachs International and J.P. Morgan in their roles as initial purchasers, participated in further new issuances of senior secured notes consisting of $1.5 billion due 2032, €500 million due 2030 and €600 million due 2032. The various measures are intended to strengthen ION Platform’s financial position, create a solid foundation for continued growth and value creation, and form part of a broader strategy to consolidate and refinance ION Markets, ION Corporates and ION Analytics into ION Platform. Latham & Watkins represented the bank syndicate (dealer managers and initial purchasers) with a team composed by: Jeff Lawlis (Partner, U.S. capital markets), Paolo Bernasconi (Partner, U.S. capital markets), Michele Vangelisti (Associate, U.S. capital markets), Sonali Ladha (Associate, U.S. capital markets) and Giulio Maccarrone (Associate, U.S. capital markets); Noah Weiss (Partner, U.S. finance); Aaron Bernstein (Partner, U.S. tax) and Fangyuan (Farrah) Yan (Associate, U.S. tax); Tracy Liu (Partner, English finance) and Yuecheng (Liam) Feng (Associate, English finance). The bank syndicate assisted in the transactions was led by Goldman Sachs International and J.P. Morgan and also included UBS Investment Bank, BNP Paribas, IMI – Intesa Sanpaolo, Jefferies, Standard Chartered Bank and UniCredit.

Latham & Watkins Advises Bank Syndicate on Refinancing of ION Platform

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