Clarivate $2 billion senior secured notes and senior notes offering
We advised Clarivate on the high-yield debt offering in connection with its previously announced acquisition of ProQuest
Davis Polk advised Clarivate Science Holdings Corporation, an indirect wholly-owned subsidiary of Clarivate Plc, in connection with a Rule 144A / Regulation S offering of $1 billion aggregate principal amount of its 3.875% senior secured notes due 2028 and $1 billion aggregate principal amount of its 4.875% senior notes due 2029.
The gross proceeds of this offering were placed into escrow accounts and, upon satisfaction of certain escrow conditions, Clarivate intends to use the net proceeds to fund a portion of the cash consideration for Clarivate’s previously announced acquisition of ProQuest.
Clarivate is a global leader in providing solutions to accelerate the lifecycle of innovation.
The Davis Polk capital markets team included partner Joseph A. Hall, counsel Dan Gibbons and associates Rahul K. Patel and Stephen H. Karp. The Davis Polk finance team included partner Sartaj Gill and associates Jack Orford, Samuel Liebmann and Claudia Herron. Partners Michael Mollerus and Jonathan Cooklin provided tax advice. Members of the Davis Polk team are based in the New York and London offices.