Moody’s gives Camelot Finance loan B2

Moody’s Investors Service said it assigned a B2 rating to Camelot Finance SA’s proposed $1.6 billion incremental senior secured first-lien term loan. Camelot Finance SA is a wholly-owned intermediate holding company of Camelot UK Holdco Ltd. (Clarivate Analytics), which will be a guarantor of the new facility. Clarivate’s B2 corporate family rating and stable outlook remain unchanged.

Proceeds plus cash-on-hand will be used to refinance about the equivalent of $2 billion of debt and notes residing at Capri Acquisitions BidCo Ltd. (CPA Global), which Clarivate is acquiring in an all-stock transaction valued at $6.8 billion.

Clarivate will exchange about $6.3 billion of its common shares for CPA Global’s equity, which is majority-owned and controlled by Leonard Green & Partners, LP.

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