Clarivate gives expiration results in exchange offers for two series

Chicago, Aug. 16 – Clarivate Science Holdings Corp., indirect wholly owned subsidiary of Clarivate plc, announced the conclusion of its exchange offer and the results, according to a press release on Monday.

The exchange was being conducted to accommodate an extended timeline for the acquisition of ProQuest.

Clarivate was offering to exchange $1 billion of 3 7/8% notes due 2028 (Cusips: 18064PAA7, U1800QAA7) and $1 billion of 4 7/8% senior notes due 2029 (Cusips: 18064PAB5, U1800QAB5) for new notes that will be identical except the maturity dates on the new notes will be one day after the maturity date of the old notes and the escrow end date will be April 29, 2022, and the escrow end date could be extended a maximum of six months with the consent of a majority of the noteholders, if necessary.

The primary difference is that the new notes have a redemption provision for Clarivate to redeem the notes if the acquisition is not completed by April 29, 2022. The old notes had a redemption provision if the acquisition was not completed by Nov. 8.

Accordingly, noteholders tendered $920,897,000 of the 3 7/8% notes and $920,349,000 of the 4 7/8% notes.

The amounts do not include any notes tendered according to guaranteed delivery procedures. Noteholders tendering via guaranteed delivery need to have their notes submitted by 5 p.m. ET on Aug. 17.

The exchange offers expired at 5 p.m. ET on Aug. 13.

Settlement is expected for Aug. 19.

Global Bondholder Services Corp. is the exchange agent and information agent (866 470-3900, 212 430-3774, https://gbsc-usa.com/eligiblity/clarivate).

Clarivate is a London-based data and analytics company focused on scientific and academic research and patent intelligence.

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