Intercontinental Exchange Completes $2.25 Billion Underwritten Public Offering

August 13, 2018

S&C client Intercontinental Exchange, Inc. (ICE) completed an underwritten public offering of $2.25 billion of senior notes, consisting of $400 million aggregate principal amount of ICE's 3.450% senior notes due 2023, $600 million aggregate principal amount of ICE's 3.750% senior notes due 2028 and $1.25 billion aggregate principal amount of ICE's 4.250% senior notes due 2048. The offering was undertaken to finance the redemption of ICE's $600 million aggregate principal amount of 2.50% senior unsecured fixed rate notes due in October 2018 and to pay down commercial paper outstanding.

The notes were sold under a shelf registration statement that ICE had filed with the SEC on March 7.
Together with its consolidated subsidiaries, ICE is a leading global operator of regulated exchanges, clearing houses and listing venues, and a provider of data services for commodity and financial markets. ICE operates regulated marketplaces for listing, trading and clearing a broad array of derivatives and securities contracts across major asset classes, including energy and agricultural commodities, interest rates, equities, equity derivatives, exchange traded funds, credit derivatives, bonds and currencies.

The S&C team advising on the transaction was led by Catherine Clarkin, along with Sarah Wilson, Lindsey Chandler and Ekaterina Roze. Jeffrey Hochberg, Saul Brander and John Jo advised on tax matters. Frederick Wertheim advised on Investment Company Act matters.