Clarivate Secures $2.15 Billion Loan in Revised Credit Deal

Clarivate (CLVT) has released an update to notify the public and investors about an entry into a material definitive agreement.

Clarivate Plc’s subsidiaries amended their 2019 Credit Agreement to include a new $2.15 billion term loan due in 2031, an extended revolving credit facility maturity to 2029 with conditions tied to the senior secured notes’ maturity dates, and other revisions. The Refinancing Term Loans, due quarterly starting June 2024, have a 1% annual amortization rate and interest rates based on Term SOFR plus 2.75% or ABR plus 1.75%. The proceeds were used to refinance existing term loans and associated costs. The revolving credit facility’s interest rates remain as previously set, except for the removal of the Term SOFR Adjustment.

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For a comprehensive understanding of the announcement, you can read the full document here.