Cision unit enters into $75 million incremental term loan facility

By Tali Rackner

Minneapolis, Dec. 14 – Cision Ltd. wholly owned subsidiary Canyon Valor Cos., Inc. entered into an incremental facility amendment to its credit agreement on Thursday that provides for a $75 million incremental dollar-denominated term loan facility, according to a press release.

Deutsche Bank AG, New York Branch is the administrative agent and collateral agent.

Interest is equal to Libor plus 425 basis points, provided that the rate will step down to Libor plus 400 bps if the first-lien net leverage ratio of Canyon Cos. Sarl and its restricted subsidiaries under the credit facility is less than or equal to 4 times at the end of the most recent fiscal quarter.

Canyon Valor is obligated to make quarterly principal payments under the incremental facility of $2,588,000, with the remaining balance due June 16, 2023. The payments may be reduced by the application of voluntary and mandatory prepayments under the terms of the credit facility.

Proceeds will be used for general corporate purposes, working capital purposes and investments, which may include one or more strategic acquisitions. The company is currently in active negotiations with respect to two acquisitions.

Chicago-based Cision provides software and services to public relations and marketing communications professionals.

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