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Intercontinental Exchange, Inc. 8-K Report, Corporate Update (May 23, 2022)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed May 23, 2022
Period End
May 23, 2022
Security
ICE
In the record · 2016–202610-K1510-Q338-K137

ICE filed 15 annual reports (10-K), 33 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’18Aug ’18
  2. Leadership change8-K · May ’21May ’21
  3. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed May 23, 2022. Cited figures are marked; the original filing is the authoritative source.

Intercontinental Exchange, Inc. (ICE) has announced the successful completion of a significant public offering of senior notes totaling $7.75 billiona in aggregate principal amount.

The offering comprises notes with varying maturities and coupon rates, including $1.25 billionb in 3.650% Senior Notes due 2025, $1.5 billion in 4.000% Senior Notes due 2027, $1.25 billion in 4.350% Senior Notes due 2029, $1.5 billion in 4.600% Senior Notes due 2033, $1.5 billion in 4.950% Senior Notes due 2052, and $1.0 billion in 5.200% Senior Notes due 2062. These notes were issued under an existing indenture, supplemented by a fourth supplemental indenture. The proceeds from this offering are strategically allocated.

Approximately $4.96 billionc is earmarked to finance the cash portion of ICE's pending acquisition of Black Knight, Inc., with the remainder to be sourced through commercial paper, revolving credit facilities, cash on hand, or a new term loan. An additional approximately $2.96 billion from the 2033 and 2052 notes will be used to redeem outstanding senior notes maturing in 2022 and 2023, including associated interest and any make-whole premiums. Any remaining proceeds will be utilized for general corporate purposes, which may include reducing commercial paper balances.

02—Key points

Key Highlights

  1. ICE successfully raised $7.75 billion through a public offering of senior notes with maturities ranging from 2025 to 2062.
  2. The offering includes notes with fixed coupon rates between 3.650% and 5.200%.
  3. Approximately $4.96 billion in net proceeds will fund the cash portion of the Black Knight, Inc. acquisition.
  4. A significant portion of the proceeds, approximately $2.96 billion, will be used to redeem existing senior notes maturing in 2022 and 2023.
  5. The debt issuance was structured with an Underwriting Agreement dated May 12, 2022, and a Fourth Supplemental Indenture dated May 23, 2022.
  6. Proceeds not immediately allocated to the acquisition or debt redemption will be used for general corporate purposes, potentially including paydown of commercial paper.

03—Questions

Frequently Asked Questions

  1. What is the total amount raised by ICE from this debt offering?

    ICE raised an aggregate principal amount of $7.75 billion from the sale of its senior notes.

  2. How will ICE use the proceeds from this note issuance?

    The proceeds are primarily intended to fund the cash portion of the Black Knight, Inc. acquisition (approx. $4.96 billion) and to redeem outstanding senior notes maturing in 2022 and 2023 (approx. $2.96 billion). Remaining funds will be used for general corporate purposes.

  3. What are the key terms of the newly issued notes?

    The notes have varying maturities from 2025 to 2062 and fixed interest rates ranging from 3.650% to 5.200%.

  4. Does this offering impact ICE's existing debt obligations?

    Yes, a significant portion of the proceeds is earmarked for the redemption of existing senior notes that mature in 2022 and 2023, thereby managing upcoming debt maturities and associated costs.

04—Continue

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