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Clarivate gives final results of exchange offers, issues redemption notices
By Wendy Van Sickle
Columbus, Ohio, Aug. 19 – Clarivate Science Holdings Corp., indirect wholly owned subsidiary of Clarivate plc, accepted tenders from holders of $921,177,000 of 3 7/8% notes due 2028 and $921,399,000 of its 4 7/8% senior notes due 2029 on Thursday, the settlement date of its exchange offers for the notes, according to a news release.
The company also sent redemption notices on Wednesday to holders of notes from both series that were not tendered for exchange.
The redemption date will be Aug. 23, and the price will be par plus accrued interest.
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.
The exchange offers expired at 5 p.m. ET on Aug. 13.
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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