Moody’s gives Clarivate loan B1

Moody's Investors Service said it assigned a B1 rating to Camelot US Acquisition LLC's (Clarivate) proposed $2.15 billion backed senior secured first-lien term loan B due January 2031. Camelot UK Holdco Ltd.'s (Camelot Holdco) B2 corporate family rating and stable outlook remain unchanged.

Term loan proceeds and about $47 million in balance sheet cash will be used to repay outstanding term loans due 2026, also rated B1.

“Moody's expects a significant portion of Clarivate's increasing free cash flow ($390 million LTM Q3 2023) will be used to repay additional debt going forward and reduce leverage to the 4.5x range in 2024. Moody's will withdraw the ratings on the existing term loans at Camelot Holdco's subsidiaries after repayment,” the agency said in a press release.

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