ION Platform - Dividend risk

Prompted by questions raised during our recent credit call, we have revisited our analysis of ION Platform’s ability to upstream cash to its parent, ION Group. Building on our prior covenant and legal work, we have expanded our assessment using the limited disclosure available on ION Group’s debt structure, ahead of the forthcoming Q1 results. This note clarifies the extent to which dividend capacity exists under the bond documentation and the implications for deleveraging assumptions at the ION Platform level. While this has an effect on our view of the situation, it does not ultimately change our positioning today.