ICE raises $3.71 billion in senior notes to fund MarketAxess deal

Intercontinental Exchange, Inc. (NYSE: ICE) completed a public offering of senior notes totaling $3.75 billion in aggregate principal on August 20, 2026, receiving approximately $3.71 billion in net proceeds after underwriting discounts and commissions.

The offering consisted of four tranches: $1.25 billion of 4.700% Senior Notes due 2029, $1.1 billion of 4.900% Senior Notes due 2031, $650 million of 5.150% Senior Notes due 2033, and $750 million of 5.400% Senior Notes due 2036.

ICE stated it intends to use the net proceeds, along with anticipated borrowings under a new senior unsecured term loan facility, commercial paper issuances, revolving credit borrowings, and cash on hand, to finance its acquisition of MarketAxess Holdings Inc. The merger agreement was announced on July 30, 2026.

The notes were sold under an Underwriting Agreement dated August 11, 2026, with BofA Securities, Wells Fargo Securities, MUFG Securities Americas, Citigroup Global Markets, Fifth Third Securities, and PNC Capital Markets serving as representatives of the underwriters.

The notes were issued under an indenture dated August 13, 2018, supplemented by an Eighth Supplemental Indenture dated August 20, 2026, with Computershare Trust Company, National Association, acting as trustee.

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