Cision Ltd., a global provider of software and services to public relations and marketing communications professionals, reported that it has completed its previously announced refinancing of the company's outstanding 2016 First Lien and Second Lien Credit Facilities, with Deutsche Bank AG, New York Branch, as administrative agent and collateral agent, and a syndicate of commercial lenders.

The new first lien credit agreement consists of a $75.0 million revolving loan facility and a $1,250.0 million term loan facility. The term loan facility consists of $960 million of US Dollar borrowings and €250 million of Euro borrowings. The new term loans are priced at an interest rate of LIBOR + 425 for USD borrowings and EURIBOR + 425 for Euro borrowings, with a step down to LIBOR + 400 and EURIBOR + 400 respectively, when net leverage is less than or equal to 4.0x. The Company expects to reduce its annual cash interest costs by approximately $60 million as a result of the refinancing and the previously completed merger with Capitol Acquisition Corp. III.

Jack Pearlstein, Cision's Chief Financial Officer commented: "We are pleased to consummate this transaction, which efficiently refinances the Company's outstanding debt.  The refinancing will provide us with the contemplated cash interest cost savings that we had anticipated. This refinancing is the next step in our ongoing efforts to reduce interest expense, drive increased cash flow and, by extension, drive value for our shareholders.