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ION Analytics Shelves $500 Million Loan Amid Market Swings

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(Bloomberg) -- ION Analytics, a unit of Andrea Pignataro’s ION Group, has pulled the plug on a $500 million leveraged loan deal it had been marketing to...

-- ION Analytics, a unit of Andrea Pignataro’s ION Group, has pulled the plug on a $500 million leveraged loan deal it had been marketing to investors since late July, in a sign of persisting jitters in credit markets.The 5 Coastal States That Face the Most Devastating Flood Risk

The company had been discussing with investors resetting the interest rate on the loan at a spread of 3.5 to 3.75 percentage points over the Secured Overnight Financing Rate.The deal is the fourth to be postponed this week in the US leveraged loan market, as investor concerns over the state of the US economy dampened a summer boom for debt issuance.

Still, the market has rebounded from its Monday low, with the price of the Morningstar LSTA US Leveraged Loan Index climbing back above 96 cents on the dollar on Wednesday.

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