CHICAGO, Dec. 14, 2017 /CNW/ -- Cision Ltd. ("Cision"
or the "Company") (NYSE: CISN), a leading global provider of
software and services to public relations and marketing
communications professionals, announced today that on December 14, 2017 its wholly owned subsidiary,
Canyon Valor Companies, Inc. (the "Borrower") has entered into an
incremental facility amendment (the "Incremental Amendment") to the
credit agreement with Deutsche Bank AG, New York Branch, as administrative agent and
collateral agent, and a syndicate of commercial lenders from time
to time party thereto entered into on June
16, 2016, as amended (the "Credit Facility"). The
Incremental Amendment provides for an incremental $75 million dollar-denominated term loan facility
(the "Incremental Facility"). The proceeds from the
Incremental Facility 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. The
Company cannot provide any assurances that it will be successful in
consummating these strategic acquisitions.
Interest is charged on the Incremental Facility, at the
Borrower's option, at a rate based on (1) the adjusted LIBOR (a
rate equal to the London interbank
offered rate adjusted for statutory reserves) or (2) the alternate
base rate (a rate that is highest of the (i) Deutsche Bank AG,
New York Branch's prime lending
rate, (ii) the overnight federal funds rate plus 50 basis points or
(iii) the one month-adjusted LIBOR plus 1%), in each case, plus an
applicable margin. The margin applicable to loans under the
Incremental Facility bearing interest at the alternate base rate is
3.25%; the margin applicable to loans under the Incremental
Facility bearing interest at the adjusted LIBOR is 4.25%, provided
that each such rate is reduced by 25 basis points if the first lien
net leverage ratio of Canyon Companies S.à r.l. and its restricted
subsidiaries under the Credit Facility is less than or equal to
4.00:1.00 at the end of the most recent fiscal quarter.
The Borrower is obligated to make quarterly principal payments
under the Incremental Facility of $2.588
million (which amount may be reduced by the application of
voluntary and mandatory prepayments pursuant to the terms of the
Credit Facility), with the remaining balance due June 16, 2023. The Borrower may also be required
to make certain mandatory prepayments of the Incremental Facility
out of excess cash flow and upon the receipt of proceeds of asset
sales and certain insurance proceeds (in each case, subject to
certain minimum dollar thresholds and rights to reinvest the
proceeds as set forth in the Credit Facility).
The obligations under the Incremental Facility are secured by
substantially all of the assets of Canyon Companies S.à r.l. and
each of its subsidiaries organized in the
United States (or any state thereof), the United Kingdom, the
Netherlands, Luxembourg and
Ireland, subject to certain
exceptions.
Forward-Looking Statements
Cision cautions you that statements included in this release
that are not a description of historical facts are forward-looking
statements that involve risks, uncertainties, assumptions and other
factors which, if they do not materialize or prove correct, could
cause Cision's results to differ materially from those expressed or
implied by such forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding
the Company's expected use of proceeds and potential acquisitions.
The risks and uncertainties relating to Cision are contained in its
periodic filings with the Securities and Exchange Commission.
Cision's public filings with the Securities and Exchange Commission
are available at www.sec.gov. Cision assumes no obligation to
update any forward-looking statement to reflect events or
circumstances arising after the date on which it was made.
About Cision
Cision Ltd. (NYSE: CISN) is a leading global provider of
earned media software and services to public relations and
marketing communications professionals. Cision's software allows
users to identify key influencers, craft and distribute strategic
content, and measure meaningful impact. Cision has over 3,000
employees with offices in 15 countries throughout the Americas,
EMEA, and APAC. For more information about its award-winning
products and services, including the Cision Communications Cloud®,
visit www.cision.com and follow Cision on
Twitter @Cision.
Investor Contact:
Jack
Pearlstein
Chief Financial Officer
Jack.Pearlstein@Cision.com
Media Contact:
Nick
Bell
VP, Marketing Communications
cisionpr@cision.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/cision-enters-into-75-million-incremental-facility-amendment-to-its-existing-credit-facility-300571195.html
SOURCE Cision Ltd.