Cision flexes $1.25 billion term loan to Libor/Euribor plus 425 bps

By Sara Rosenberg

New York, July 27 – Cision trimmed pricing on its $1.25 billion U.S. and euro senior secured covenant-light first-lien term loan B (B2/B) due June 2023 to Libor/Euribor plus 425 basis points from Libor/Euribor plus 450 bps, according to a market source.

Also, a 25 bps pricing step-down was added to the term loan upon senior secured net leverage of less than 4 times and the original issue discount was tightened to 99.75 from 99, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

The term loan is split between a $960 million tranche and a €250 million tranche.

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

Recommitments are due at the end of the day on Friday, the source added.

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.

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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