S&P rates Castle, loan B

S&P said it assigned B ratings to Castle Intermediate Holding V Ltd., which does business as Cision, and the $1.7 billion first-lien term loan facility consisting of a $1.55 billion term loan B and a $150 million revolving credit facility to be issued by Castle US Holding Corp., a subsidiary of Castle Intermediate Holding V Ltd. Proceeds from the loan will used in the leveraged buyout of Cision.

“Our B issuer credit rating on Cision reflects the company’s strong market position in the global public relations industry, good revenue visibility driven by a high proportion of subscription-based revenues and its highly acquisitive strategy that presents an inherent risk of integrating and executing on these acquisitions through cross-selling and synergies,” said S&P in a press release.

The outlook is negative.

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