ION reassures creditors it will avoid aggressive tactics on $11bn debt

ION Platform has told creditors it intends to repay its lenders in full and has no plans to use aggressive liability-management transactions to restructure its roughly $11bn debt burden, according to a report by the Financial Times.

The financial technology group controlled by billionaire Andrea Pignataro said in its latest results that it was not considering transactions that could disadvantage existing creditors, including priming financings, asset drop-downs, coercive debt exchanges, uptier transactions or covenant stripping.

ION said it would not pursue such measures regardless of the flexibility available under its financing agreements.

The assurances come after investors began scrutinising the group’s capital structure more closely following a sharp decline in its bonds earlier this year, partly driven by concerns that artificial intelligence could disrupt its software businesses. The debt has since recovered some ground, with prices gaining further after ION reported stronger third-quarter results.

ION reported quarterly revenue of $643m, a 7% increase from the same period last year. Net profit for the first nine months rose to $363m from $137m, while its debt-to-earnings ratio declined to 6.15 times from 7.95 times a year earlier.

The company has accumulated its debt through a rapid acquisition strategy, much of it financed during the era of ultra-low interest rates. Its portfolio includes financial data and software businesses such as Mergermarket, Dealogic, Fidessa and Debtwire.

ION now generates about $400m of earnings before interest, tax, depreciation and amortisation each quarter. However, its leverage and the higher cost of debt have continued to attract scrutiny from credit investors.

The group’s approach contrasts with liability-management transactions undertaken by some highly leveraged companies, including Altice International and Aston Martin. Those deals have involved shifting assets beyond the reach of certain creditors or restructuring debt on terms that have subsequently weighed on bond prices.

ION also said it remains willing to buy back its own debt when market conditions present an opportunity. The company has repurchased about $250m of debt at a discount so far this year.

Cash distributions to ION’s parent company reached $409m during the first nine months, down 35% from the same period in 2025.

In addition to its publicly traded debt, ION’s holding company has around $2.5bn of private debt provided by investors including HPS, the private credit manager owned by BlackRock.