Cision launches $1.25 billion term loan at Libor/Euribor plus 450 bps

By Sara Rosenberg

New York, July 20 – Cision launched on Thursday its $1.25 billion U.S. and euro senior secured covenant-light first-lien term loan B (B2/B) due June 2023 with price talk of Libor/Euribor plus 450 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The euro piece of the term loan will have a minimum size of €250 million, the source said.

Included in the term loan is 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance an existing first-lien term loan, repay $38 million of revolver borrowings and $76 million of second-lien term loan debt, add $4 million of cash to the balance sheet, and cover fees and expenses.

Commitments are due on Aug. 2.

Total debt to pro forma adjusted EBITDA will be 4.7 times and net debt will be 4.5 times.

Cision is a Chicago-based media intelligence company.

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