Ion Unit Begins $400 Million, Payout-Backing Leveraged Loan Sale

Italian businessman Andrea Pignataro is looking for another payout from his financial software behemoth Ion Group less than two months after extracting a dividend from its Cedacri SpA division.

After holding early talks with investors, BNP Paribas SA launched a $400 million leveraged loan sale Wednesday that will be issued by the group’s Ion Corporates subsidiary, according to a person familiar with the matter. Proceeds from the deal will go toward funding a dividend and will also refinance an outstanding term loan among other uses, said the person, who asked not to be named because the transaction is private. ...