Cision completed the refinancing of its outstanding 2016 first lien and second lien credit facilities. According to a related 8-K filing, Deutsche Bank served as administrative agent and collateral agent.

The new first lien credit agreement consisted 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 and €250 million ($295 million). The new term loans are priced at an interest rate of LIBOR + 425 for U.S. dollars 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 CFO said, “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.”

Cision is a provider of software and services to public relations and marketing communications professionals.