Intercontinental Exchange prices debt offering to finance MarketAxess acquisition

Filed August 11, 2026 · ~2 min read

Key Changes

• high

  ICE is issuing notes to finance the MarketAxess acquisition, with proceeds combined with term loan borrowings, commercial paper, revolving credit, or bridge facility to fund the purchase price and transaction costs.

  Use of Proceeds verify on EDGAR →
• high

  Pro forma consolidated debt will reach approximately $26.0 billion after this offering and related acquisition financing, a substantial increase that could restrict future transactions and make debt service more difficult.

  Risk Factors verify on EDGAR →
• high

  SMR notes include a special mandatory redemption provision requiring ICE to redeem them at 101% of principal plus accrued interest if the MarketAxess acquisition fails to close within the specified timeframe or the merger agreement is terminated.

  Risk Factors verify on EDGAR →