Clarivate said its cash tender offer for a portion of its 3.875% senior secured notes due 2028 drew $665.198 million of notes, but the company capped repurchases at $75 million.
The notes outstanding before the offer totaled $825 million. By the September 23 expiration date, Clarivate had accepted $75 million principal amount, meaning it bought back about 11.3% of the notes tendered and just 9.1% of the original outstanding balance.
The tender price was set at $975.15 for each $1,000 principal amount of notes. Holders whose notes were accepted are scheduled to receive that amount plus accrued coupon on the September 25 settlement date.
Because demand exceeded the maximum amount, the company applied proration. Notes tendered but not accepted will be returned to holders.
Clarivate said all conditions to the offer were satisfied or waived before expiration. The market has reacted to these announcements by moving the company's shares -3.17% to a price of $1.83. For the full picture, make sure to review CLARIVATE PLC's 8-K report.
