Clarivate Completes Refinancing of Majority of Senior Secured Notes Due 2026

Rhea-AI Summary

Clarivate (NYSE: CLVT) has successfully completed a refinancing of its debt structure by securing a new $500 million term loan B facility maturing in 2031. The new loan carries an interest rate margin of 325 basis points per annum referenced to term SOFR and will not require amortization. The proceeds were used to redeem $500 million of the company's 4.50% senior secured notes due 2026, leaving $200 million of these notes still outstanding. The refinancing effectively extends the maturity of the majority of Clarivate's 2026 debt obligations. CFO Jonathan Collins highlighted that improved credit market conditions enabled this transaction, emphasizing the company's strong cash flow position and continued flexibility in capital allocation.

Positive

• Extended debt maturity from 2026 to 2031 for $500M of debt, improving financial stability
• Strong cash flow position maintained, providing flexibility in capital allocation
• Successfully capitalized on improved credit market conditions for refinancing

Negative

• $200 million of 2026 notes remain outstanding, requiring future refinancing or repayment

LONDON, June 2, 2025 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT) (the "Company" or "Clarivate"), a leading global provider of transformative intelligence, announced today that it has successfully completed an incremental upsize of its term loan B credit facility.

Pursuant to an amendment to the Company's existing credit agreement dated as of October 31, 2019, the Company incurred a new $500 million tranche of incremental term loans maturing in 2031, with an interest rate margin of 325 basis points per annum in the case of loans bearing interest by reference to term SOFR.  The new term loans will not be subject to amortization.  The proceeds of the new term loans were used to redeem $500 million aggregate principal amount of the outstanding 4.50% senior secured notes due 2026, originally issued on October 31, 2019 by Camelot Finance S.A., a subsidiary of the Company, at a cash redemption price of $500 million, plus accrued and unpaid interest to the redemption date of May 30, 2025. After giving effect to the partial redemption, $200 million aggregate principal amount of the notes remain outstanding.

"We were pleased to take advantage of improved credit market conditions to successfully extend the majority of our 2026 debt maturity," said Jonathan Collins, Executive Vice President and Chief Financial Officer. "With our strong cash flow, we continue to have flexibility in our capital allocation moving forward."

About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.

Forward-Looking Statements
This release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the "safe harbor provisions" of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will," or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies, and the markets in which we operate. Such forward-looking statements are based on available current market material and management's expectations, beliefs, and forecasts concerning future events impacting us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the caption "Risk Factors" in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission ("SEC"). Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Please consult our public filings with the SEC, which are also available on our website at www.clarivate.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/clarivate-completes-refinancing-of-majority-of-senior-secured-notes-due-2026-302470639.html

SOURCE Clarivate Plc

FAQ

What is the size of Clarivate's new term loan facility and when does it mature?

Clarivate's new term loan facility is $500 million and matures in 2031.

What interest rate will Clarivate (CLVT) pay on the new term loan?

The new term loan has an interest rate margin of 325 basis points per annum referenced to term SOFR.

How much of Clarivate's 2026 senior secured notes remain outstanding after this refinancing?

$200 million of the 2026 senior secured notes remain outstanding after the $500 million redemption.

What was the purpose of Clarivate's debt refinancing in June 2025?

The refinancing was done to extend the maturity of $500 million of debt from 2026 to 2031, taking advantage of improved credit market conditions.

Will Clarivate's new term loan require regular principal payments?

No, the new term loans will not be subject to amortization.