Clarivate readies launch of new loan transaction for Tuesday morning

By Sara Rosenberg

New York, Sept. 14 – Clarivate plc is scheduled to hold a lender call at 10:30 a.m. ET on Tuesday to launch a new loan to prospective lenders, according to a market source.

Citigroup Global Markets Inc. is the left lead bank on the deal.

In July, the company announced that it received a commitment for a $1.5 billion incremental term loan from Citigroup and BofA Securities Inc. to help fund its combination with CPA Global, a provider of intellectual property software and tech-enabled services.

Under the agreement, CPA Global shareholders will receive about 218 million Clarivate ordinary shares, representing 35% pro forma fully diluted ownership of Clarivate. The implied enterprise value is about $6.8 billion, which includes around $900 million of the present value of tax assets.

The committed incremental term loan will be used to refinance CPA Global’s debt.

Closing is expected in the fourth quarter, subject to customary conditions and regulatory approvals.

Clarivate is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

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