Summary
Intercontinental Exchange (ICE) has successfully completed its previously announced exchange offer for its subsidiary Black Knight InfoServ, LLC's (BK) 3.625% Senior Notes due 2028. Approximately 99.75% of the outstanding $1 billion in BK Notes were tendered and exchanged for newly issued ICE Notes with identical terms, including a maturity date of September 1, 2028. This transaction effectively consolidates the debt under the ICE parent, simplifying its capital structure and reducing the amount of subsidiary-level debt outstanding. The company issued $997,501,000 in aggregate principal amount of ICE Notes, with only $2,495,000 of the original BK Notes remaining outstanding. These new ICE Notes are general unsecured obligations of the company, ranking equally with other unsubordinated debt. Additionally, ICE entered into a Registration Rights Agreement with the dealer managers, granting holders of the new ICE Notes certain exchange and registration rights.
Key Highlights
- 1ICE completed an exchange offer for its subsidiary's 3.625% Senior Notes due 2028.
- 2Approximately 99.75% ($997,505,000) of the $1 billion in Black Knight InfoServ, LLC (BK Notes) were tendered.
- 3ICE issued $997,501,000 in new ICE Notes in exchange for the BK Notes.
- 4The new ICE Notes have the same interest rate (3.625%) and maturity date (September 1, 2028) as the original BK Notes.
- 5The ICE Notes are general unsecured unsubordinated obligations of ICE.
- 6Only $2,495,000 of the original BK Notes remain outstanding.
- 7ICE entered into a Registration Rights Agreement for the new ICE Notes.