ICE · 10-Q · 2026Q3 · Full report
Outstanding Indebtedness
Intercontinental Exchange, Inc. · 2026-10-29 · Importance 49 · Surprise 6 · In source text
ICE had $23.3 billion of outstanding debt at September 30, 2026, comprising $22.3 billion of senior notes and $1.0 billion of commercial paper. Senior notes had a 12-year weighted-average maturity and 3.9% weighted-average annual cost; commercial paper had a 4.2% weighted-average interest rate and 20-day weighted-average remaining maturity. The $3.9 billion Credit Facility included $1.5 billion of revolving commitments available in connection with the pending MarketAxess acquisition; $2.8 billion remained available for working capital and general corporate purposes after backstops and subsidiary commitments. ICE issued $3.75 billion of senior notes on August 20, 2026, with proceeds intended to fund part of the acquisition, and had a $2.0 billion delayed-draw term loan with no borrowings at quarter-end.
Key facts
- On August 20, 2026, ICE extended the maturity of $3.67 billion of Credit Facility commitments to August 20, 2031, with up to two one-year extension options; the remaining $230 million retained a May 31, 2029 maturity. source
- As of September 30, 2026, ICE had $23.3 billion of outstanding debt: $22.3 billion of senior notes and $1.0 billion under its Commercial Paper Program. source
- ICE had a $3.9 billion Credit Facility with capacity to increase borrowings by an additional $1.25 billion. source
- Senior-note interest expense was $573 million and $565 million for the nine months ended September 30, 2026 and 2025, respectively, and $206 million and $182 million for the three-month periods. source
- ICE reported no significant changes to its contractual obligations and commercial commitments during the nine months ended September 30, 2026, except for debt issued and financing arrangements entered into in connection with its pending MarketAxess acquisition. source
- Commercial Paper Program interest expense was $46 million and $23 million for the nine months ended September 30, 2026 and 2025, respectively, and $13 million and $6 million for the three-month periods. source
- Higher interest rates have increased, and may continue to increase, the interest rates on ICE’s debt instruments as it refinances existing indebtedness. source
- At September 30, 2026, ICE senior notes had a weighted-average maturity of 12 years and weighted-average annual cost of 3.9%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -0.2% | Senior-note interest expense was $573 million and $565 million for the nine months ended September 30, 2026 and 2025, respectively, and… |
| liability | negative | realized | — | ICE reported no significant changes to its contractual obligations and commercial commitments during the nine months ended September 30,… |