Intercontinental Exchange Completes $3.71B Note Offering for MarketAxess Deal

What Happened Intercontinental Exchange, Inc. (ICE) announced on August 20, 2026 that it completed a public offering of senior notes totaling $3.75 billion in aggregate principal amount across four tranches, generating approximately $3.71 billion in net proceeds (after underwriting discounts and before offering expenses). The notes: $1.25B 4.700% due 2029; $1.10B 4.900% due 2031; $650M 5.150% due 2033; and $750M 5.400% due 2036. The securities were sold under an underwriting agreement dated August 11, 2026 and issued under ICE’s existing indenture as supplemented on August 20, 2026. ICE said it will use the net proceeds, together with anticipated borrowings (a new senior unsecured term loan facility, commercial paper, revolver borrowings, cash on hand or other available funds), to finance the purchase price for MarketAxess Holdings Inc. under the merger agreement announced July 30, 2026, and to pay related fees and expenses.

Key Details

• Offering closed: August 20, 2026; underwriters led by BofA Securities, Wells Fargo, MUFG, Citi, Fifth Third and PNC.
• Notes issued / coupon / maturity: $1.25B @ 4.700% (2029); $1.10B @ 4.900% (2031); $650M @ 5.150% (2033); $750M @ 5.400% (2036).
• Net proceeds: ~ $3.71 billion (after underwriting discounts and commissions, before offering expenses).
• Use of proceeds: To fund the MarketAxess acquisition and related fees, alongside anticipated term loan, commercial paper, revolver borrowings and cash.

Why It Matters This transaction provides ICE with significant debt financing earmarked for its planned acquisition of MarketAxess, reducing the immediate need to raise equity for the deal. For investors, the offering increases ICE’s near- and long-term debt and will raise interest expense according to the coupons and maturities shown, which may affect leverage and cash interest obligations. The filing confirms the company’s planned financing mix (notes plus other borrowings and cash) but does not change the announced merger terms; it documents how ICE intends to pay the purchase price and related costs.