Cision adds €250 million term loan B as U.S. term loan B is downsized

By Sara Rosenberg

New York, May 9 – Cision carved out a €250 million seven-year term loan B from its previously all U.S. dollar $1.1 billion seven-year term loan B (B1/B+), leaving the total deal size unchanged, according to a market source.

Price talk on the euro term loan B is Euribor plus 575 basis points with a 1% Euribor floor and an original issue discount of 98, the source said.

As previously reported, the U.S. term loan B is talked at Libor plus 575 bps with a 1% Libor floor and a discount of 98.

The euro term loan B, like the U.S. term loan B, has 101 soft call protection for six months and a total net leverage covenant.

Commitments for the euro term loan B are due at 7 a.m. ET on Friday, while U.S. commitments are due at noon ET on Thursday.

Deutsche Bank Securities Inc., Barclays and RBC Capital Markets are the joint bookrunners on the deal.

Proceeds will be used to fund the acquisition of PR Newswire from UBM plc for $841 million, comprised of $810 million in cash and $31 million in preferred equity.

Closing is 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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