Current Report Filing (8-k)
December 20 2017 - 8:08AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
December 14, 2017
CISION LTD.
(Exact Name of Registrant as Specified in
Charter)
Cayman Islands
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001-38140
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N/A
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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130 East Randolph Street, 7th Floor
Chicago, Illinois
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60601
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including
area code:
866-639-5087
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13c-4(c))
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 1.01
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Entry into a Material Definitive Agreement.
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Incremental Amendment to Credit Agreement
On December 14, 2017, a wholly owned subsidiary of Cision Ltd.
(the “Company”), Canyon Valor Companies, Inc. (the “Borrower”), 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 dated as of 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, including the acquisition
of CEDROM (as defined below). The Company is currently in active negotiations with respect to an additional acquisition. The Company
cannot provide any assurances that it will be successful in consummating strategic acquisitions, including the referenced acquisition.
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.
The foregoing description of the Incremental Amendment does
not purport to be complete and is qualified in its entirety by reference to the full text of the agreement. A copy of the Incremental
Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The disclosure set forth above in Item 1.01 is incorporated
by reference herein.
The Company issued a press release on December 14, 2017 announcing
completion of the Incremental Amendment. A copy of the press release is filed as Exhibit 99.1 and is incorporated herein by reference.
The Company issued a press release on December 20, 2017 announcing
the completion of the acquisition of CEDROM-SNi Inc. ("CEDROM"), a Montréal-based firm specializing in digital
media monitoring solutions. A copy of the press release is filed as Exhibit 99.2 and is incorporated herein by reference.
Forward-Looking Statements
The Company cautions you that statements included in this current
report on Form 8-K 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 the Company'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
the Company are contained in its periodic filings with the Securities and Exchange Commission. The Company's public filings with
the Securities and Exchange Commission are available at www.sec.gov. The Company assumes no obligation to update any forward-looking
statement to reflect events or circumstances arising after the date on which it was made.
Item 9.01
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Financial Statements and Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 20, 2017
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CISION LTD.
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By:
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/s/ Jack Pearlstein
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Name: Jack Pearlstein
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Title: Chief Financial Officer
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