Clarivate Completes Refinancing of Term Loan and Revolver Extension

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Feb 01, 2024, 07:00 ET

LONDON, Feb. 1, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT) (the "Company" or "Clarivate"), a global leader in connecting people and organizations to intelligence they can trust to transform their world, announced today that it has successfully completed the refinancing of its term loan B credit facility and the extension of the maturity date of its revolving credit facility.

Pursuant to an amendment to the Company's existing credit agreement dated as of October 31, 2019, the Company refinanced all of its existing term loans with a new $2.150 billion tranche of term loans maturing in 2031, with a reduced interest rate margin of 275 basis points per annum in the case of loans bearing interest by reference to term SOFR. The new term loan facility effectively extends the maturity of the Company's existing term loans by approximately 5 years. The new term loans amortize in equal quarterly installments equivalent to 1.00% per annum, with the balance due at maturity. Concurrently, the Company's revolving credit facility was refinanced with a replacement $700 million facility, which effectively extends the maturity of the revolving credit facility from 2027 to 2029.

"We are pleased with the positive outcome of extending the maturity of our term loan and lowering our annual cash interest costs," said Jonathan Collins, Executive Vice President and Chief Financial Officer. "The oversubscribed interest in the recent offering is a testament to our solid credit profile and strong cash flow generation."

About Clarivate
Clarivate™ is a leading global information services provider. We connect people and organizations to intelligence they can trust to transform their perspective, their work and our world. Our subscription and technology-based solutions are coupled with deep domain expertise and cover the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit clarivate.com.

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Category: Debt
Source: Clarivate Plc

SOURCE Clarivate Plc