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Cision removes euro first-lien term B carve-out, reworks pricing
By Sara Rosenberg
New York, May 16 – Cision eliminated plans for a recently added €250 million seven-year term loan B carve-out, returning its $1.1 billion seven-year first-lien term loan B (B1/B+) to all U.S. dollar as initially planned, according to a market source.
Also, pricing on the first-lien term loan was increased to Libor plus 600 basis points from Libor plus 575 bps, and the original issue discount widened to 96 from 98, the source said.
In addition, the 101 soft call protection on the first-lien term loan was extended to one year from six months.
Furthermore, the incremental allowance was reduced to $100 million from $150 million, the excess cash flow sweep was revised to 75% with a step-down at 3.5 times leverage from 50% with a step-down at 3.5 times leverage, and the opening total net leverage covenant was changed to 7.5 times from 8 times, the source continued.
As for the company’s $370 million second-lien term loan that was privately placed, pricing was lifted to Libor plus 950 bps from Libor plus 875 bps and the original issue discount was modified to 97.25 from 99, the source added.
The first- and second-lien term loans still have a 1% Libor floor.
Recommitments were due at the close of business on Monday.
Allocations are targeted for Tuesday.
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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