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Cision sets Thursday bank meeting for $1.1 billion term loan backing PR Newswire buy
By Paul A. Harris
Portland, Ore., April 25 – Cision set a Thursday bank meeting to launch a $1.1 billion seven-year term loan B to investors, according to a market source.
Deutsche Bank Securities Inc. is the left bookrunner. Barclays and RBC Capital Markets are the joint bookrunners.
Commitments will be due on May 11.
Proceeds will be used to fund the acquisition of PR Newswire from UBM plc.
Under the agreement, PR Newswire is being bought for $841 million, comprised of $810 million in cash and $31 million in preferred equity.
Closing is expected late in the first quarter of 2016, subject to approval by UBM shareholders and regulatory approvals.
Cision, a GTCR portfolio company, is a Chicago-based media intelligence company. PR Newswire is a New York-based PR and investor relations communications company.
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