Latham Advises Dealer Managers and Initial Purchasers on ION Platform’s Over US$10 Billion (Equivalent) Refinancing

Latham & Watkins advised the dealer managers and the underwriting banks on a significant refinancing exercise involving ION Platform Investment Group Limited (ION Platform) and comprising (i) a US$3.6 billion (equivalent) exchange offer and consent solicitation across multiple series of existing senior secured notes previously issued by certain of ION Platform’s subsidiaries and (ii) new money offerings of approximately US$2.7 billion (equivalent) USD and Euro Senior Secured Notes due 2030 and 2032. ION Platform is a global technology provider of mission-critical software, data, insights, and solutions, serving customers worldwide with its industry-leading banking end-user software, treasury and commodities management software, and financial data and analytics products. The transactions aim to strengthen ION Platform’s financial position and create a solid foundation for ongoing growth and value creation and form part of ION Platform’s broader strategic consolidation and refinancing of ION Markets, ION Corporates, and ION Analytics into ION Platform.

The Latham team advised the pool of dealer managers, led by Goldman Sachs International, in the exchange offer and consent solicitation, which provided eligible noteholders with the opportunity to, among others, tender the existing approximately US$3.1 billion Senior Secured Notes due 2028 and 2029 and €425 million Senior Secured Notes due 2029 previously issued by ION Markets, ION Corporates, and ION Analytics, for new exchange notes issued by ION Platform. The Latham team also advised the initial purchasers, led by Goldman Sachs International and J. P. Morgan in the offering of US$1.5 billion Senior Secured Notes due 2032, €500 million Senior Secured Notes due 2030 and €600 million Senior Secured Notes due 2032. The pool of banks advised by the Latham team also comprised UBS Investment Bank, BNP PARIBAS, IMI – Intesa Sanpaolo, Jefferies, Standard Chartered Bank, and UniCredit.

The Latham team was led by partners Jeff Lawlis and Paolo Bernasconi and associate Michele Vangelisti, with associates Sonali Ladha and assistance from Giulio Maccarrone on US capital markets matters. Advice was also provided on US finance matters by partner Noah Weiss, on US tax matters by partner Aaron Bernstein and associate Fangyuan (Farrah) Yan and on English finance matters by partner Tracy Liu and associate Yuecheng (Liam) Feng.