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Clarivate Analytics launches upsized $700 million seven-year secured notes at 4½%; pricing Friday
By Paul A. Harris
Portland, Ore., Oct. 25 – Clarivate Analytics plc launched an upsized $700 million offering of seven-year senior secured notes (B2/B) at 4½% on Friday morning, according to market sources.
The size of the notes offering increased from $500 million with the shift of $200 million to the notes from the company’s bank loan, decreasing the loan size to $900 million from $1.1 billion.
The notes launched 12.5 basis points tighter than price talk in the 4¾% area.
Official talk came inside of initial guidance in the low 5% area, according to a bond trader.
Books were scheduled to close at 11:30 a.m. ET on Friday, and the notes, which will be issued via Camelot Finance SA, an indirect wholly owned subsidiary of Clarivate, are set to be priced and allocated thereafter.
Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets LLC, Barclays, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon and feature a 40% equity clawback and a 101% poison put.
Proceeds from the notes and loan will be used to refinance the existing credit facility, as well as to redeem the Camelot Finance 7 7/8% senior notes due October 2024, and to fully fund payment obligations under the company’s tax receivable agreement.
Clarivate, formerly known as the Thomson Reuters’ Intellectual Property & Science business, is a Philadelphia-based provider of comprehensive intellectual property and scientific information.
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