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.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management's current views
concerning future business, events, trends, contingencies,
financial performance, or financial condition, appear at various
places in this communication and may use words like "aim,"
"anticipate," "assume," "believe," "continue," "could," "estimate,"
"expect," "forecast," "future," "goal," "intend," "likely," "may,"
"might," "plan," "potential," "predict," "project," "see," "seek,"
"should," "strategy," "strive," "target," "will," and "would" and
similar expressions, and variations or negatives of these words.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
management's current beliefs, expectations, and assumptions
regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, and other
future conditions. Because forward-looking statements relate to the
future, they are difficult to predict and many of which are outside
of our control. Important factors that could cause our actual
results and financial condition to differ materially from those
indicated in the forward-looking statements include those factors
discussed under the caption "Risk Factors" in our annual report on
Form 10-K/A, along with our other filings with the U.S. Securities
and Exchange Commission ("SEC"). However, those factors should not
be considered to be a complete statement of all potential risks and
uncertainties. Additional risks and uncertainties not known to us
or that we currently deem immaterial may also impair our business
operations. Forward-looking statements are based only on
information currently available to our management and speak only as
of the date of this communication. We do not assume any obligation
to publicly provide revisions or updates to any forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws. Please
consult our public filings with the SEC or on our website at
www.clarivate.com.
Category: Debt
Source: Clarivate Plc
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