Summary
Intercontinental Exchange, Inc. (ICE) filed an 8-K on August 25, 2020, detailing significant changes to its credit facilities related to its pending acquisition of Ellie Mae. The company amended its revolving credit facility, extending its maturity to August 21, 2025, and increasing the total commitment amount to $3.725 billion. This facility is available for general corporate purposes and as a backstop for commercial paper. Additionally, ICE entered into a new $750 million senior unsecured term loan facility to finance a portion of the Ellie Mae acquisition, refinance Ellie Mae's existing debt, and cover related fees and expenses. This term loan facility matures 18 months after funding. The company also announced the termination of its bridge facility commitments, which were previously disclosed. These actions collectively provide robust financing for the significant Ellie Mae acquisition.
Key Highlights
- 1Amended existing revolving credit facility, extending maturity to August 21, 2025, and increasing total commitments to $3.725 billion.
- 2Secured a new $750 million senior unsecured term loan facility to support the pending Ellie Mae acquisition.
- 3The term loan facility proceeds will be used for the Ellie Mae acquisition, refinancing Ellie Mae's debt, and related expenses.
- 4The term loan facility has an 18-month maturity post-funding with no required amortization.
- 5Termination of previously established bridge facility commitments, indicating secured financing for the acquisition through other means.
- 6Both facilities include variable interest rates (LIBOR or base rate plus applicable margins) and allow for prepayment without penalty.
- 7The revolving credit facility serves as a backstop for the company's commercial paper program and for general corporate purposes.