CHICAGO, Feb. 8, 2018 /PRNewswire/ — Cision Ltd. (“Cision” or the “Company”) (NYSE: CISN), a leading global provider of software and services to public relations and marketing communications professionals, today reported that it completed its previously announced repricing of the Company’s $1,417 million First Lien Senior Secured Term Loan. The first lien credit agreement consists of a $75 million revolving loan facility and a $1,342 million term loan facility. The term loan facility consists of $1,032 million of US Dollar borrowings and 249 million of Euro borrowings. The term loans and revolving borrowings are priced at an interest rate of LIBOR + 325 for USD borrowings and EURIBOR + 350 for Euro borrowings. The Company estimates that the 100 basis point reduction on USD borrowings and the 75 basis point reduction on Euro borrowings will reduce its annual cash interest costs by approximately $12 million.
Jack Pearlstein, Cision’s Chief Financial Officer commented: “We are pleased to have concluded this repricing transaction on such beneficial terms. The repricing will provide us with significant annual cash interest savings and represents another step in our ongoing effort to reduce interest expense, drive increased cash flow and, by extension, drive incremental value for our shareholders.”
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