Cision talks $1.1 billion term loan at 575 bps spread to Libor at 98; commitments due May 12

By Paul A. Harris

Portland, Ore., April 28 – Cision talked its $1.1 billion seven-year term loan B (B1/B+) with a 575 basis points spread to Libor atop a 1% Libor floor at 98.00, a market source said on Thursday.

The deal comes with six months of soft call protection at 101 and features a total net leverage ratio covenant.

Commitments are due at noon ET on May 12.

Deutsche Bank Securities Inc. is the left bookrunner. Barclays and RBC Capital Markets are the joint bookrunners.

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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